The Collaborative International Dictionary of English v.0.48:

Hike \Hike\, v. t. [imp. & p. p. Hiked; p. pr. & vb. n.
   Hiking.] [Cf. Hitch.]
   1. To move with a swing, toss, throw, jerk, or the like.
      [Dial. or Colloq.]
      [Webster 1913 Suppl.]

   2. To raise with a quick movement.
      [PJC]

   3. To raise (a price) quickly or significantly in a single
      step. They hiked gasoline prices twenty cents in less than
      a week.
      [PJC]

   4. (Football) To pass (the ball) from the center to the
      quarterback at the start of the play; to snap (the
      ball).
      [PJC]

The Collaborative International Dictionary of English v.0.48:

Hike \Hike\, v. i.
   1. To hike one's self; specif., to go with exertion or
      effort; to tramp; to march laboriously. [Dial. or Colloq.]
      "If you persist in heaving and hiking like this."
      --Kipling.

            It's hike, hike, hike (march) till you stick in the
            mud, and then you hike back again a little slower
            than you went.                        --Scribner's
                                                  Mag.
      [Webster 1913 Suppl.]

   2. to take a long walk, especially for pleasure or exercise.
      [PJC]

The Collaborative International Dictionary of English v.0.48:

Hike \Hike\, n.
   1. The act of hiking.
      [Webster 1913 Suppl.]

   2. A long walk usually for exercise or pleasure or exercise;
      a tramp; a march. [WordNet sense 1]
      [PJC]

            With every hike there's a few laid out with their
            hands crossed.                        --Scribner's
                                                  Mag.
      [Webster 1913 Suppl.]

   3. an increase in cost, rate, etc.; as, there was a dramatic
      hike in gasoline prices; a hike in the interest rates.
      [WordNet sense 2]

   Syn: rise, boost.
        [WordNet 1.5]

   4. Hence: the amount a salary is increased; as, he got a wage
      hike. [WordNet sense 3]

   Syn: raise, rise.
        [WordNet 1.5]

WordNet (r) 3.0 (2006):

hike
    n 1: a long walk usually for exercise or pleasure; "she enjoys a
         hike in her spare time" [syn: hike, hiking, tramp]
    2: an increase in cost; "they asked for a 10% rise in rates"
       [syn: rise, boost, hike, cost increase]
    3: the amount a salary is increased; "he got a 3% raise"; "he
       got a wage hike" [syn: raise, rise, wage hike, hike,
       wage increase, salary increase]
    v 1: increase; "The landlord hiked up the rents" [syn: hike,
         hike up, boost]
    2: walk a long way, as for pleasure or physical exercise; "We
       were hiking in Colorado"; "hike the Rockies"