The Collaborative International Dictionary of English v.0.48:

Velvet \Vel"vet\, n. [OE. velouette, veluet, velwet; cf. OF.
   velluau, LL. velluetum, vellutum, It. velluto, Sp. velludo;
   all fr. (assumed) LL. villutus shaggy, fr L. villus shaggy
   hair; akin to vellus a fleece, and E. wool. See Wool, and
   cf. Villous.]
   [1913 Webster]
   1. A silk fabric, having a short, close nap of erect threads.
      Inferior qualities are made with a silk pile on a cotton
      or linen back, or with other soft fibers such as nylon,
      acetate, or rayon.
      [1913 Webster + PJC]

   2. The soft and highly vascular deciduous skin which envelops
      and nourishes the antlers of deer during their rapid
      growth.
      [1913 Webster]

   3. Something likened to velvet[1] in being soft or luxurious;
      as, a lawn of velvet.
      [PJC]

   Cotton velvet, an imitation of velvet, made of cotton.

   Velvet cork, the best kind of cork bark, supple, elastic,
      and not woody or porous.

   Velvet crab (Zool.), a European crab (Portunus puber).
      When adult the black carapace is covered with a velvety
      pile. Called also lady crab, and velvet fiddler.

   Velvet dock (Bot.), the common mullein.

   Velvet duck. (Zool.)
      (a) A large European sea duck, or scoter (Oidemia
          fusca). The adult male is glossy, velvety black, with
          a white speculum on each wing, and a white patch
          behind each eye.
      (b) The American whitewinged scoter. See Scoter.

   Velvet flower (Bot.), love-lies-bleeding. See under Love.


   Velvet grass (Bot.), a tall grass (Holcus lanatus) with
      velvety stem and leaves; -- called also soft grass.

   Velvet runner (Zool.), the water rail; -- so called from
      its quiet, stealthy manner of running. [Prov. Eng.]

   Velvet scoter. (Zool.) Same as Velvet duck, above.

   Velvet sponge. (Zool.) See under Sponge.

   in velvet having a coating of velvet[2] over the antlers;
      in the annual stage where the antlers are still growing;
      -- of deer.
      [1913 Webster + PJC]

The Collaborative International Dictionary of English v.0.48:

Velvet \Vel"vet\, a.
   Made of velvet; soft and delicate, like velvet; velvety. "
   The cowslip's velvet head." --Milton.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Velvet \Vel"vet\, v. i.
   To pain velvet. [R.] --Peacham.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Velvet \Vel"vet\, v. t.
   To make like, or cover with, velvet. [R.]
   [1913 Webster]

WordNet (r) 3.0 (2006):

velvet
    adj 1: smooth and soft to sight or hearing or touch or taste
           [syn: velvet, velvety, velvet-textured]
    2: resembling velvet in having a smooth soft surface [syn:
       velvet, velvety]
    n 1: a silky densely piled fabric with a plain back

Moby Thesaurus II by Grady Ward, 1.0:

103 Moby Thesaurus words for "velvet":
   Easy Street, affluence, alabaster, bed of roses, billiard table,
   blubber, bowling alley, bowling green, breeze, butter, cinch, clay,
   clover, comfort, contentment, cushion, daintiness, delicacy, dough,
   down, downiness, ease, easy circumstances, easy target, easy thing,
   eiderdown, feather bed, feathers, felicity, filminess,
   fine-grainedness, fineness, flat, fleece, fleshpots, floss, flue,
   fluff, fluffiness, foam, fuzz, fuzziness, glass, gossameriness,
   gracious life, gracious living, happiness, ice, ivory, kapok,
   lap of luxury, level, life of ease, loaves and fishes, luxury,
   mahogany, marble, peach fuzz, picnic, pie, piece of cake, pillow,
   plane, plush, prosperity, prosperousness, pubescence, pudding,
   puff, pushover, putty, refinement, rubber, satin, satininess,
   security, setup, silk, silkiness, sinecure, sitting duck, slide,
   smooth, smoothness, snap, softness, solid comfort, success,
   swansdown, tennis court, the affluent life, the good life,
   thistledown, thriving condition, upward mobility, velvetiness, wax,
   weal, wealth, welfare, well-being, wool, zephyr