The Collaborative International Dictionary of English v.0.48:

Gossip \Gos"sip\, n. [OE. gossib, godsib, a relation or sponsor
   in baptism, a relation by a religious obligation, AS.
   godsibb, fr. god + sib alliance, relation; akin to G. sippe,
   Goth. sibja, and also to Skr. sabh[=a] assembly.]
   [1913 Webster]
   1. A sponsor; a godfather or a godmother.
      [1913 Webster]

            Should a great lady that was invited to be a gossip,
            in her place send her kitchen maid, 't would be ill
            taken.                                --Selden.
      [1913 Webster]

   2. A friend or comrade; a companion; a familiar and customary
      acquaintance. [Obs.]
      [1913 Webster]

            My noble gossips, ye have been too prodigal. --Shak.
      [1913 Webster]

   3. One who runs house to house, tattling and telling news; an
      idle tattler.
      [1913 Webster]

            The common chat of gossips when they meet. --Dryden.
      [1913 Webster]

   4. The tattle of a gossip; groundless rumor.
      [1913 Webster]

            Bubbles o'er like a city with gossip, scandal, and
            spite.                                --Tennyson.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Gossip \Gos"sip\, v. t.
   To stand sponsor to. [Obs.] --Shak.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Gossip \Gos"sip\, v. i. [imp. & p. p. Gossiped; p. pr. & vb.
   n. Gossiping.]
   1. To make merry. [Obs.] --Shak.
      [1913 Webster]

   2. To prate; to chat; to talk much. --Shak.
      [1913 Webster]

   3. To run about and tattle; to tell idle tales.
      [1913 Webster]

WordNet (r) 3.0 (2006):

gossip
    n 1: light informal conversation for social occasions [syn:
         chitchat, chit-chat, chit chat, small talk, gab,
         gabfest, gossip, tittle-tattle, chin wag, chin-
         wag, chin wagging, chin-wagging, causerie]
    2: a report (often malicious) about the behavior of other
       people; "the divorce caused much gossip" [syn: gossip,
       comment, scuttlebutt]
    3: a person given to gossiping and divulging personal
       information about others [syn: gossip, gossiper,
       gossipmonger, rumormonger, rumourmonger, newsmonger]
    v 1: wag one's tongue; speak about others and reveal secrets or
         intimacies; "She won't dish the dirt" [syn: dish the
         dirt, gossip]
    2: talk socially without exchanging too much information; "the
       men were sitting in the cafe and shooting the breeze" [syn:
       chew the fat, shoot the breeze, chat, confabulate,
       confab, chitchat, chit-chat, chatter, chaffer,
       natter, gossip, jaw, claver, visit]