The Collaborative International Dictionary of English v.0.48:

scuttlebutt \scut"tle*butt`\ (sk[u^]t"t'l*b[u^]t`), n.
   1. See scuttle butt.
      [PJC]

   2. A drinking fountain on board a ship or at a naval station.
      [PJC]

   3. The latest gossip; rumors.
      [PJC]

WordNet (r) 3.0 (2006):

scuttlebutt
    n 1: a report (often malicious) about the behavior of other
         people; "the divorce caused much gossip" [syn: gossip,
         comment, scuttlebutt]

Moby Thesaurus II by Grady Ward, 1.0:

21 Moby Thesaurus words for "scuttlebutt":
   bruit, buzz, canard, common talk, cry, flying rumor, gossip,
   grapevine, hearsay, idea afloat, latrine rumor, news stirring,
   on-dit, report, roorback, rumble, rumor, talk, town talk,
   unconfirmed report, whisper