The Collaborative International Dictionary of English v.0.48:

Confetti \Con*fet"ti\, n. pl.; sing. -fetto. [It. Cf.
   Comfit.]
   1. Bonbons; sweetmeats; confections. [archaic]
      [1913 Webster +PJC]

   2. [originally, plaster or paper imitations of, or
      substitutes for, bonbons (confetti[1]).] small bits or
      streamers of brightly colored paper, thrown in celebration
      by carnival revelers, at weddings, etc.
      [Webster 1913 Suppl. +PJC] Confidant

WordNet (r) 3.0 (2006):

confetti
    n 1: small pieces or streamers of colored paper that are thrown
         around on festive occasions (as at a wedding)

Moby Thesaurus II by Grady Ward, 1.0:

32 Moby Thesaurus words for "confetti":
   Dalmatian, antigorite, butterfly, candy cane, chameleon, cheetah,
   chrysotile, crazy quilt, firedog, harlequin, iris, jaguar, leopard,
   mackerel, mackerel sky, marble, marbled paper, moire,
   mother-of-pearl, nacre, ocelot, opal, ophite, patchwork quilt,
   peacock, rainbow, serpentine, serpentine marble, shot silk,
   spectrum, tortoise shell, zebra