The Collaborative International Dictionary of English v.0.48:

Salute \Sa*lute"\, n. [Cf. F. salut. See Salute, v.]
   1. The act of saluting, or expressing kind wishes or respect;
      salutation; greeting.
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   2. A sign, token, or ceremony, expressing good will,
      compliment, or respect, as a kiss, a bow, etc. --Tennyson.
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   3. (Mil. & Naval) A token of respect or honor for some
      distinguished or official personage, for a foreign vessel
      or flag, or for some festival or event, as by presenting
      arms, by a discharge of cannon, volleys of small arms,
      dipping the colors or the topsails, etc.
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The Collaborative International Dictionary of English v.0.48:

Salute \Sa*lute"\, v. t. [imp. & p. p. Saluted; p. pr. & vb.
   n. Saluting.] [L. salutare, salutatum, from salus, -utis,
   health, safety. See Salubrious.]
   1. To address, as with expressions of kind wishes and
      courtesy; to greet; to hail.
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            I salute you with this kingly title.  --Shak.
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   2. Hence, to give a sign of good will; to compliment by an
      act or ceremony, as a kiss, a bow, etc.
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            You have the prettiest tip of a finger . . . I must
            take the freedom to salute it.        --Addison.
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   3. (Mil. & Naval) To honor, as some day, person, or nation,
      by a discharge of cannon or small arms, by dipping colors,
      by cheers, etc.
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   4. To promote the welfare and safety of; to benefit; to
      gratify. [Obs.] "If this salute my blood a jot." --Shak.
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WordNet (r) 3.0 (2006):

salute
    n 1: an act of honor or courteous recognition; "a musical salute
         to the composer on his birthday" [syn: salute,
         salutation]
    2: a formal military gesture of respect [syn: salute,
       military greeting]
    3: an act of greeting with friendly words and gestures like
       bowing or lifting the hat
    v 1: propose a toast to; "Let us toast the birthday girl!";
         "Let's drink to the New Year" [syn: toast, drink,
         pledge, salute, wassail]
    2: greet in a friendly way; "I meet this men every day on my way
       to work and he salutes me"
    3: express commendation of; "I salute your courage!"
    4: become noticeable; "a terrible stench saluted our nostrils"
    5: honor with a military ceremony, as when honoring dead
       soldiers
    6: recognize with a gesture prescribed by a military regulation;
       assume a prescribed position; "When the officers show up, the
       soldiers have to salute" [syn: salute, present]