The Collaborative International Dictionary of English v.0.48:

Wastebasket \Waste"bas`ket\, n.
   A basket used in offices, libraries, etc., as a receptacle
   for waste paper.
   [1913 Webster]

WordNet (r) 3.0 (2006):

wastebasket
    n 1: a container with an open top; for discarded paper and other
         rubbish [syn: wastepaper basket, waste-paper basket,
         wastebasket, waste basket, circular file]