The Collaborative International Dictionary of English v.0.48:

Junket \Jun"ket\, v. t. [imp. & p. p. Junketed; p. pr. & vb.
   n. Junketing.]
   To give entertainment to; to feast.
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         The good woman took my lodgings over my head, and was
         in such a hurry to junket her neighbors. --Walpole.
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The Collaborative International Dictionary of English v.0.48:

Junket \Jun"ket\, n. [Formerly also juncate, fr. It. giuncata
   cream cheese, made in a wicker or rush basket, fr. L. juncus
   a rush. See 2d Junk, and cf. Juncate.]
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   1. A cheese cake; a sweetmeat; any delicate food.
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            How Faery Mab the junkets eat.        --Milton.
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            Victuals varied well in taste,
            And other junkets.                    --Chapman.
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   2. A feast; an entertainment.
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            A new jaunt or junket every night.    --Thackeray.
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   3. A trip made at the expense of an organization of which the
      traveller is an official, ostensibly to obtain information
      relevant to one's duties; especially, a trip made by a
      public official at government expense. The term is
      sometimes used opprobriously, from a belief that such
      trips are often taken for private pleasure, and are
      therefore a waste of public money; as, a congressional
      junket to a tropical country.
      [PJC]

The Collaborative International Dictionary of English v.0.48:

Junket \Jun"ket\, v. i.
   To feast; to banquet; to make an entertainment; -- sometimes
   applied opprobriously to feasting by public officers at the
   public cost.
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         Job's children junketed and feasted together often.
                                                  --South.
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WordNet (r) 3.0 (2006):

junket
    n 1: dessert made of sweetened milk coagulated with rennet
    2: a journey taken for pleasure; "many summer excursions to the
       shore"; "it was merely a pleasure trip"; "after cautious
       sashays into the field" [syn: excursion, jaunt, outing,
       junket, pleasure trip, expedition, sashay]
    3: a trip taken by an official at public expense
    v 1: go on a pleasure trip [syn: junketeer, junket]
    2: provide a feast or banquet for [syn: feast, banquet,
       junket]
    3: partake in a feast or banquet [syn: feast, banquet,
       junket]