The Collaborative International Dictionary of English v.0.48:

Waylay \Way"lay`\ (?; 277), v. t. [imp. & p. p. Waylaid; p.
   pr. & vb. n. Waylaying.] [Way + lay.]
   To lie in wait for; to meet or encounter in the way;
   especially, to watch for the passing of, with a view to
   seize, rob, or slay; to beset in ambush.
   [1913 Webster]

         Falstaff, Bardolph, Peto, and Gadshill shall rob those
         men that we have already waylaid.        --Shak.
   [1913 Webster]

         She often contrived to waylay him in his walks. --Sir
                                                  W. Scott.
   [1913 Webster]

WordNet (r) 3.0 (2006):

waylay
    v 1: wait in hiding to attack [syn: ambush, scupper,
         bushwhack, waylay, lurk, ambuscade, lie in wait]