The Collaborative International Dictionary of English v.0.48:

Fritter \Frit"ter\, n. [OR. fritour, friture, pancake, F.
   friture frying, a thing fried, from frire to fry. See Far,
   v. t.]
   1. A small quantity of batter, fried in boiling lard or in a
      frying pan. Fritters are of various kinds, named from the
      substance inclosed in the batter; as, apple fritters, clam
      fritters, oyster fritters.
      [1913 Webster]

   2. A fragment; a shred; a small piece.
      [1913 Webster]

            And cut whole giants into fritters.   --Hudibras.
      [1913 Webster]

   Corn fritter. See under Corn.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Fritter \Frit"ter\, v. t. [imp. & p. p. Frittered; p. pr. &
   vb. n. Frittering.]
   1. To cut, as meat, into small pieces, for frying.
      [1913 Webster]

   2. To break into small pieces or fragments.
      [1913 Webster]

            Break all nerves, and fritter all their sense.
                                                  --Pope.
      [1913 Webster]

   To fritter away, to diminish; to pare off; to reduce to
      nothing by taking away a little at a time; also, to waste
      piecemeal; as, to fritter away time, strength, credit,
      etc.
      [1913 Webster]

WordNet (r) 3.0 (2006):

fritter
    n 1: small quantity of fried batter containing fruit or meat or
         vegetables
    v 1: spend frivolously and unwisely; "Fritter away one's
         inheritance" [syn: fritter, frivol away, dissipate,
         shoot, fritter away, fool, fool away]