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]