The Collaborative International Dictionary of English v.0.48:

Sport \Sport\ (sp[=o]rt), n. [Abbreviated from disport.]
   1. That which diverts, and makes mirth; pastime; amusement.
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            It is as sport to a fool to do mischief. --Prov. x.
                                                  23.
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            Her sports were such as carried riches of knowledge
            upon the stream of delight.           --Sir P.
                                                  Sidney.
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            Think it but a minute spent in sport. --Shak.
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   2. Mock; mockery; contemptuous mirth; derision.
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            Then make sport at me; then let me be your jest.
                                                  --Shak.
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   3. That with which one plays, or which is driven about in
      play; a toy; a plaything; an object of mockery.
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            Flitting leaves, the sport of every wind. --Dryden.
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            Never does man appear to greater disadvantage than
            when he is the sport of his own ungoverned passions.
                                                  --John Clarke.
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   4. Play; idle jingle.
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            An author who should introduce such a sport of words
            upon our stage would meet with small applause.
                                                  --Broome.
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   5. Diversion of the field, as fowling, hunting, fishing,
      racing, games, and the like, esp. when money is staked.
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   6. (Bot. & Zool.) A plant or an animal, or part of a plant or
      animal, which has some peculiarity not usually seen in the
      species; an abnormal variety or growth. See Sporting
      plant, under Sporting.
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   7. A sportsman; a gambler. [Slang]
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   In sport, in jest; for play or diversion. "So is the man
      that deceiveth his neighbor, and saith, Am not I in
      sport?" --Prov. xxvi. 19.
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   Syn: Play; game; diversion; frolic; mirth; mock; mockery;
        jeer.
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The Collaborative International Dictionary of English v.0.48:

Sport \Sport\, v. t.
   1. To divert; to amuse; to make merry; -- used with the
      reciprocal pronoun.
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            Against whom do ye sport yourselves?  --Isa. lvii.
                                                  4.
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   2. To represent by any kind of play.
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            Now sporting on thy lyre the loves of youth.
                                                  --Dryden.
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   3. To exhibit, or bring out, in public; to use or wear; as,
      to sport a new equipage. [Colloq.] --Grose.
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   4. To give utterance to in a sportive manner; to throw out in
      an easy and copious manner; -- with off; as, to sport off
      epigrams. [R.] --Addison.
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   To sport one's oak. See under Oak, n.
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The Collaborative International Dictionary of English v.0.48:

Sport \Sport\, v. i. [imp. & p. p. Sported; p. pr. & vb. n.
   Sporting.]
   1. To play; to frolic; to wanton.
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            [Fish], sporting with quick glance,
            Show to the sun their waved coats dropt with gold.
                                                  --Milton.
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   2. To practice the diversions of the field or the turf; to be
      given to betting, as upon races.
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   3. To trifle. "He sports with his own life." --Tillotson.
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   4. (Bot. & Zool.) To assume suddenly a new and different
      character from the rest of the plant or from the type of
      the species; -- said of a bud, shoot, plant, or animal.
      See Sport, n., 6. --Darwin.
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   Syn: To play; frolic; game; wanton.
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WordNet (r) 3.0 (2006):

sport
    n 1: an active diversion requiring physical exertion and
         competition [syn: sport, athletics]
    2: the occupation of athletes who compete for pay
    3: (Maine colloquial) a temporary summer resident of Maine [syn:
       sport, summercater]
    4: a person known for the way she (or he) behaves when teased or
       defeated or subjected to trying circumstances; "a good
       sport"; "a poor sport"
    5: someone who engages in sports [syn: sport, sportsman,
       sportswoman]
    6: (biology) an organism that has characteristics resulting from
       chromosomal alteration [syn: mutant, mutation,
       variation, sport]
    7: verbal wit or mockery (often at another's expense but not to
       be taken seriously); "he became a figure of fun"; "he said it
       in sport" [syn: fun, play, sport]
    v 1: wear or display in an ostentatious or proud manner; "she
         was sporting a new hat" [syn: sport, feature, boast]
    2: play boisterously; "The children frolicked in the garden";
       "the gamboling lambs in the meadows"; "The toddlers romped in
       the playroom" [syn: frolic, lark, rollick, skylark,
       disport, sport, cavort, gambol, frisk, romp, run
       around, lark about]