The Collaborative International Dictionary of English v.0.48:

Raillery \Rail"ler*y\ (r[a^]l"l[~e]r*[y^] or r[=a]l"-; 277), n.
   [F. raillerie, fr. railler. See Rail to scoff.]
   Pleasantry or slight satire; banter; jesting language;
   satirical merriment.
   [1913 Webster]

         Let raillery be without malice or heat.  --B. Jonson.
   [1913 Webster]

         Studies employed on low objects; the very naming of
         them is sufficient to turn them into raillery.
                                                  --Addison.
   [1913 Webster]

WordNet (r) 3.0 (2006):

raillery
    n 1: light teasing repartee [syn: banter, raillery, give-
         and-take, backchat]