The Collaborative International Dictionary of English v.0.48:

Paunch \Paunch\ (p[add]nch or p[aum]nch; 277), n. [OF. panch,
   pance, F. panse, L. pantex, panticis.]
   1. (Anat.) The belly and its contents; the abdomen; also, the
      first stomach, or rumen, of ruminants. See Rumen.
      [1913 Webster]

   2. (Naut.) A paunch mat; -- called also panch.
      [1913 Webster]

   3. The thickened rim of a bell, struck by the clapper.
      [1913 Webster]

   4. A noticeably protruding belly; a potbelly.
      [PJC]

   Paunch mat (Naut.), a thick mat made of strands of rope,
      used to prevent the yard or rigging from chafing.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Paunch \Paunch\, v. t. [imp. & p. p. Paunched (p[add]ncht or
   p[aum]ncht); p. pr. & vb. n. Paunching.]
   1. To pierce or rip the belly of; to eviscerate; to
      disembowel. --Shak.
      [1913 Webster]

   2. To stuff with food. [Obs.] --Udall.
      [1913 Webster]

WordNet (r) 3.0 (2006):

paunch
    n 1: a protruding abdomen [syn: belly, paunch]