The Collaborative International Dictionary of English v.0.48:

Godly \God"ly\, a. [God, n. + -ly. Cf. Godlike, Like.]
   Pious; reverencing God, and his character and laws; obedient
   to the commands of God from love for, and reverence of, his
   character; conformed to God's law; devout; righteous; as, a
   godly life.
   [1913 Webster]

         For godly sorrow worketh repentance.     --2 Cor. vii.
                                                  10.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Godly \God"ly\, adv.
   Piously; devoutly; righteously.
   [1913 Webster]

         All that will live godly in Christ Jesus shall suffer
         persecution.                             --2. Tim. iii.
                                                  12.
   [1913 Webster]

WordNet (r) 3.0 (2006):

godly
    adj 1: showing great reverence for god; "a godly man"; "leading
           a godly life" [syn: godly, reverent, worshipful]
    2: emanating from God; "divine judgment"; "divine guidance";
       "everything is black or white...satanic or godly"-Saturday
       Review [syn: divine, godly]