NOUN (3)

1. the area between the tee and putting green where the grass is cut short;

2. the usual course taken by vessels through a harbor or coastal waters;

3. a tract of ground free of obstacles to movement;

The Collaborative International Dictionary of English v.0.48:

Fairway \Fair"way`\, n.
   1. The navigable part of a river, bay, etc., through which
      vessels enter or depart; the part of a harbor or channel
      ehich is kept open and unobstructed for the passage of
      vessels. --Totten.

   2. (golf) That part of a golf course between the tee and the
      green which is of closely mowed grass, as contrasted to
      the rough.
      [PJC]

WordNet (r) 3.0 (2006):

fairway
    n 1: the area between the tee and putting green where the grass
         is cut short
    2: the usual course taken by vessels through a harbor or coastal
       waters
    3: a tract of ground free of obstacles to movement