The Collaborative International Dictionary of English v.0.48:

Salvage \Sal"vage\ (?; 48), n. [F. salvage, OF. salver to save,
   F. sauver, fr. L. salvare. See Save.]
   1. The act of saving a vessel, goods, or life, from perils of
      the sea.
      [1913 Webster]

            Salvage of life from a British ship, or a foreign
            ship in British waters, ranks before salvage of
            goods.                                --Encyc. Brit.
      [1913 Webster]

   2. (Maritime Law)
      (a) The compensation allowed to persons who voluntarily
          assist in saving a ship or her cargo from peril.
      (b) That part of the property that survives the peril and
          is saved. --Kent. Abbot.
          [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Salvage \Sal"vage\, a. & n.
   Savage. [Obs.] --Spenser.
   [1913 Webster]

WordNet (r) 3.0 (2006):

salvage
    n 1: property or goods saved from damage or destruction
    2: the act of saving goods or property that were in danger of
       damage or destruction
    3: the act of rescuing a ship or its crew or its cargo from a
       shipwreck or a fire
    v 1: save from ruin, destruction, or harm [syn: salvage,
         salve, relieve, save]
    2: collect discarded or refused material; "She scavenged the
       garbage cans for food" [syn: salvage, scavenge]

Moby Thesaurus II by Grady Ward, 1.0:

154 Moby Thesaurus words for "salvage":
   abatement, admission, admission fee, agio, allowance, amends,
   anchorage, atonement, bank discount, blood money, breakage,
   brokerage, carfare, cash discount, cellarage, chain discount,
   charge, charge-off, charges, compensation, concession, conservancy,
   conservation, conservationism, consideration, cover charge, cut,
   damages, deduction, deliver, deliverance, delivery, demand,
   depreciation, discount, dockage, drawback, dues, entrance fee,
   environmental conservation, exaction, exactment, extract,
   extricate, extrication, fare, fee, forest conservation,
   forest management, free, freeing, guerdon, hire, honorarium,
   indemnification, indemnity, keeping, kickback, liberate,
   liberation, license fee, lifesaving, maintenance, meed, penalty,
   penalty clause, percentage, pilotage, portage, premium, preserval,
   preservation, price, price reduction, price-cut, protection,
   quittance, ransom, rebate, rebatement, recapture, reclaim,
   reclaiming, reclamation, recompense, recoup, recoupment, recover,
   recovery, recuperation, recycle, redeem, redemption, redress,
   reduction, refund, regain, regainment, release, remuneration,
   reoccupation, reparation, replevin, replevy, repossession,
   requital, requitement, rescue, restitution, restoration,
   resumption, retake, retaking, retribution, retrieval, retrieve,
   return, revindication, revival, reward, rollback, safekeeping,
   salvation, salve, satisfaction, save, saving, scot, scot and lot,
   set free, setoff, shot, smart money, soil conservation, solatium,
   storage, stream conservation, support, tare, time discount, toll,
   towage, trade discount, tret, trover, underselling, upkeep,
   water conservation, wergild, wetlands conservation, wharfage,
   wildlife conservation, win back, write-off



Bouvier's Law Dictionary, Revised 6th Ed (1856):

SALVAGE, maritime law. This term originally meant the thing or goods saved
from shipwreck or other loss; and in that sense it is generally to be
understood in our old books. But it is at present more frequently understood
to mean the compensation made to those by whose means the ship or goods have
been saved from the effects of shipwreck, fire, pirates, enemies, or any
other loss or misfortune. 1 Cranch, 1.
     2. This compensation, which is now usually made in money, was, before
the use of money became general, made by a delivery of part of the effects
saved. Marsh. Ins. B. 1, c. 12, s. 8; Pet. Adm. Dec. 425; 2 Taunt. 302; 3 B.
& P. 612; 4 M. & S. 159; 1 Cranch, 1; 2 Cranch, 240; Cranch, 221; 3 Dall.
188; 4 Wheat. 98 9 Cranch, 244; 3 Wheat. 91; 1 Day, 193 1 Johns. R. 165; 4
Cranch, 347; Com. Dig. Salvage; 3 Kent, Com. 196. Vide Salvors.