The Collaborative International Dictionary of English v.0.48:

Sandalwood \San"dal*wood\, n. [F. sandal, santal, fr. Ar.
   [,c]andal, or Gr. sa`ntalon; both ultimately fr. Skr.
   candana. Cf. Sanders.] (Bot.)
   (a) The highly perfumed yellowish heartwood of an East Indian
       and Polynesian tree (Santalum album), and of several
       other trees of the same genus, as the Hawaiian Santalum
       Freycinetianum and Santalum pyrularium, the Australian
       Santalum latifolium, etc. The name is extended to
       several other kinds of fragrant wood.
   (b) Any tree of the genus Santalum, or a tree which yields
       sandalwood.
   (c) The red wood of a kind of buckthorn, used in Russia for
       dyeing leather (Rhamnus Dahuricus).
       [1913 Webster]

   False sandalwood, the fragrant wood of several trees not of
      the genus Santalum, as Ximenia Americana, Myoporum
      tenuifolium of Tahiti.

   Red sandalwood, a heavy, dark red dyewood, being the
      heartwood of two leguminous trees of India (Pterocarpus
      santalinus, and Adenanthera pavonina); -- called also
      red sanderswood, sanders or saunders, and
      rubywood.
      [1913 Webster] Sandarach

WordNet (r) 3.0 (2006):

red sandalwood
    n 1: hard durable wood of red sandalwood trees (Pterocarpus
         santalinus); prized for cabinetwork [syn: ruby wood, red
         sandalwood]
    2: tree of India and East Indies yielding a hard fragrant timber
       prized for cabinetwork and dark red heartwood used as a
       dyewood [syn: red sandalwood, red sanders, red
       sanderswood, red saunders, Pterocarpus santalinus]
    3: East Indian tree with racemes of yellow-white flowers;
       cultivated as an ornamental [syn: coralwood, coral-wood,
       red sandalwood, Barbados pride, peacock flower fence,
       Adenanthera pavonina]