The Collaborative International Dictionary of English v.0.48:

Pillory \Pil"lo*ry\, n.; pl. Pillories. [F. pilori; cf. Pr.
   espitlori, LL. piloricum, pilloricum, pellericum, pellorium,
   pilorium, spilorium; perhaps from a derivative of L.
   speculari to look around, observe. Cf. Speculate.]
   A frame of adjustable boards erected on a post, and having
   holes through which the head and hands of an offender were
   thrust so as to be exposed in front of it. --Shak.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Pillory \Pil"lo*ry\, v. t. [imp. & p. p. Pilloried; p. pr. &
   vb. n. Pillorying.] [Cf. F. pilorier.]
   1. To set in, or punish with, the pillory. "Hungering for
      Puritans to pillory." --Macaulay.
      [1913 Webster]

   2. Figuratively, to expose to public scorn. --Gladstone.
      [1913 Webster]

WordNet (r) 3.0 (2006):

pillory
    n 1: a wooden instrument of punishment on a post with holes for
         the wrists and neck; offenders were locked in and so
         exposed to public scorn
    v 1: expose to ridicule or public scorn [syn: pillory,
         gibbet]
    2: punish by putting in a pillory
    3: criticize harshly or violently; "The press savaged the new
       President"; "The critics crucified the author for
       plagiarizing a famous passage" [syn: savage, blast,
       pillory, crucify]

The Devil's Dictionary (1881-1906):

PILLORY, n.  A mechanical device for inflicting personal distinction
-- prototype of the modern newspaper conducted by persons of austere
virtues and blameless lives.