The Collaborative International Dictionary of English v.0.48:

Racket \Rack"et\, v. i. [imp. & p. p. Racketed; p. pr. & vb.
   n. Racketing.]
   1. To make a confused noise or racket.
      [1913 Webster]

   2. To engage in noisy sport; to frolic. --Sterne.
      [1913 Webster]

   3. To carouse or engage in dissipation. [Slang]
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Racket \Rack"et\, v. t.
   To strike with, or as with, a racket.
   [1913 Webster]

         Poor man [is] racketed from one temptation to another.
                                                  --Hewyt.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Racket \Rack"et\, n. [Gael. racaid a noise, disturbance.]
   1. confused, clattering noise; din; noisy talk or sport.
      [1913 Webster]

   2. A carouse; any reckless dissipation. [Slang]
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Racket \Rack"et\, n.
   1. A scheme, dodge, trick, or the like; something taking
      place considered as exciting, trying, unusual, or the
      like; also, such occurrence considered as an ordeal; as,
      to work a racket; to stand upon the racket. [Slang]
      [Webster 1913 Suppl.]

   2. an organized illegal activity, such as illegal gambling,
      bootlegging, or extortion.
      [PJC]

The Collaborative International Dictionary of English v.0.48:

Racket \Rack"et\ (r[a^]k"[e^]t), n. [F. raquette; cf. Sp.
   raqueta, It. racchetta, which is perhaps for retichetta, and
   fr. L. rete a net (cf. Reticule); or perh. from the Arabic;
   cf. Ar. r[=a]ha the palm of the hand (used at first to strike
   the ball), and OF. rachette, rasquette, carpus, tarsus.]
   [Written also racquet.]
   1. A thin strip of wood, having the ends brought together,
      forming a somewhat elliptical hoop, across which a network
      of catgut or cord is stretched. It is furnished with a
      handle, and is used for catching or striking a ball in
      tennis and similar games.
      [1913 Webster]

            Each one [of the Indians] has a bat curved like a
            crosier, and ending in a racket.      --Bancroft.
      [1913 Webster]

   2. A variety of the game of tennis played with peculiar
      long-handled rackets; -- chiefly in the plural. --Chaucer.
      [1913 Webster]

   3. A snowshoe formed of cords stretched across a long and
      narrow frame of light wood. [Canada]
      [1913 Webster]

   4. A broad wooden shoe or patten for a man or horse, to
      enable him to step on marshy or soft ground.
      [1913 Webster]

   Racket court, a court for playing the game of rackets.
      [1913 Webster]

WordNet (r) 3.0 (2006):

racket
    n 1: a loud and disturbing noise
    2: an illegal enterprise (such as extortion or fraud or drug
       peddling or prostitution) carried on for profit [syn:
       racket, fraudulent scheme, illegitimate enterprise]
    3: the auditory experience of sound that lacks musical quality;
       sound that is a disagreeable auditory experience; "modern
       music is just noise to me" [syn: noise, dissonance,
       racket]
    4: a sports implement (usually consisting of a handle and an
       oval frame with a tightly interlaced network of strings) used
       to strike a ball (or shuttlecock) in various games [syn:
       racket, racquet]
    v 1: celebrate noisily, often indulging in drinking; engage in
         uproarious festivities; "The members of the wedding party
         made merry all night"; "Let's whoop it up--the boss is
         gone!" [syn: revel, racket, make whoopie, make
         merry, make happy, whoop it up, jollify, wassail]
    2: make loud and annoying noises
    3: hit (a ball) with a racket