The Collaborative International Dictionary of English v.0.48:

Hourglass \Hour"glass`\, n.
   An instrument for measuring time, especially the interval of
   an hour. It consists of a glass vessel having two
   compartments, from the uppermost of which a quantity of sand,
   water, or mercury occupies an hour in running through a small
   aperture unto the lower.
   [1913 Webster]

   Note: A similar instrument measuring any other interval of
         time takes its name from the interval measured; as, a
         half-hour glass, a half-minute glass. A
         three-minute glass is sometimes called an egg-glass,
         from being used to time the boiling of eggs.
         [1913 Webster]

WordNet (r) 3.0 (2006):

hourglass
    n 1: a sandglass that runs for sixty minutes