The Collaborative International Dictionary of English v.0.48:

Faulty \Fault"y\, a.
   1. Containing faults, blemishes, or defects; imperfect; not
      fit for the use intended.
      [1913 Webster]

            Created once
            So goodly and erect, though faulty since. --Milton.
      [1913 Webster]

   2. Guilty of a fault, or of faults; hence, blamable; worthy
      of censure. --Shak.
      [1913 Webster]

            The king doth speak . . . as one which is faulty.
                                                  --2 Sam. xiv.
                                                  13.
      [1913 Webster]

WordNet (r) 3.0 (2006):

faulty
    adj 1: having a defect; "I returned the appliance because it was
           defective" [syn: defective, faulty]
    2: characterized by errors; not agreeing with a model or not
       following established rules; "he submitted a faulty report";
       "an incorrect transcription"; the wrong side of the road"
       [syn: faulty, incorrect, wrong]

The Jargon File (version 4.4.7, 29 Dec 2003):

faulty
 adj.

    Non-functional; buggy. Same denotation as bletcherous, losing, q.v.,
    but the connotation is much milder.