The Collaborative International Dictionary of English v.0.48:

Dismay \Dis*may"\, v. t. [imp. & p. p. Dismayed; p. pr. & vb.
   n. Dismaying.] [OE. desmaien, dismaien, OF. esmaier; pref.
   es- (L. ex) + OHG. magan to be strong or able; akin to E.
   may. In English the pref. es- was changed to dis- (L. dis-).
   See May, v. i.]
   1. To disable with alarm or apprehensions; to depress the
      spirits or courage of; to deprive or firmness and energy
      through fear; to daunt; to appall; to terrify.
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            Be not afraid, neither be thou dismayed. --Josh. i.
                                                  9.
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            What words be these? What fears do you dismay?
                                                  --Fairfax.
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   2. To render lifeless; to subdue; to disquiet. [Obs.]
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            Do not dismay yourself for this.      --Spenser.

   Syn: To terrify; fright; affright; frighten; appall; daunt;
        dishearthen; dispirit; discourage; deject; depress. --
        To Dismay, Daunt, Appall. Dismay denotes a state
        of deep and gloomy apprehension. To daunt supposes
        something more sudden and startling. To appall is the
        strongest term, implying a sense of terror which
        overwhelms the faculties.
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              So flies a herd of beeves, that hear, dismayed,
              The lions roaring through the midnight shade.
                                                  --Pope.
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              Jove got such heroes as my sire, whose soul
              No fear could daunt, nor earth nor hell control.
                                                  --Pope.
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              Now the last ruin the whole host appalls;
              Now Greece has trembled in her wooden walls.
                                                  --Pope.
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The Collaborative International Dictionary of English v.0.48:

Dismay \Dis*may"\, v. i.
   To take dismay or fright; to be filled with dismay. [Obs.]
   --Shak.
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The Collaborative International Dictionary of English v.0.48:

Dismay \Dis*may"\, n. [Cf. OF. esmai, F. ['e]moi. See Dismay,
   v. t.]
   1. Loss of courage and firmness through fear; overwhelming
      and disabling terror; a sinking of the spirits;
      consternation.
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            I . . . can not think of such a battle without
            dismay.                               --Macaulay.
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            Thou with a tiger spring dost leap upon thy prey,
            And tear his helpless breast, o'erwhelmed with wild
            dismay.                               --Mrs.
                                                  Barbauld.
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   2. Condition fitted to dismay; ruin. --Spenser.

   Syn: Dejection; discouragement; depression; fear; fright;
        terror; apprehension; alarm; affright.
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WordNet (r) 3.0 (2006):

dismay
    n 1: the feeling of despair in the face of obstacles [syn:
         discouragement, disheartenment, dismay]
    2: fear resulting from the awareness of danger [syn: alarm,
       dismay, consternation]
    v 1: lower someone's spirits; make downhearted; "These news
         depressed her"; "The bad state of her child's health
         demoralizes her" [syn: depress, deject, cast down,
         get down, dismay, dispirit, demoralize,
         demoralise] [ant: elate, intoxicate, lift up, pick
         up, uplift]
    2: fill with apprehension or alarm; cause to be unpleasantly
       surprised; "I was horrified at the thought of being late for
       my interview"; "The news of the executions horrified us"
       [syn: dismay, alarm, appal, appall, horrify]