The Collaborative International Dictionary of English v.0.48:

Shave \Shave\, n. [AS. scafa, sceafa, a sort of knife. See
   Shave, v. t.]
   1. A thin slice; a shaving. --Wright.
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   2. A cutting of the beard; the operation of shaving.
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   3.
      (a) An exorbitant discount on a note. [Cant, U.S.]
      (b) A premium paid for an extension of the time of
          delivery or payment, or for the right to vary a stock
          contract in any particular. [Cant, U.S.] --N. Biddle.
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   4. A hand tool consisting of a sharp blade with a handle at
      each end; a drawing knife; a spokeshave.
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   5. The act of passing very near to, so as almost to graze;
      as, the bullet missed by a close shave. [Colloq.]
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   Shave grass (Bot.), the scouring rush. See the Note under
      Equisetum.

   Shave hook, a tool for scraping metals, consisting of a
      sharp-edged triangular steel plate attached to a shank and
      handle.
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The Collaborative International Dictionary of English v.0.48:

Shave \Shave\ (sh[=a]v),
   obs. p. p. of Shave. --Chaucer.
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         His beard was shave as nigh as ever he can. --Chaucer.
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The Collaborative International Dictionary of English v.0.48:

Shave \Shave\, v. t. [imp. Shaved (sh[=a]vd);p. p. Shaved or
   Shaven (sh[=a]v"'n); p. pr. & vb. n. Shaving.] [OE.
   shaven, schaven, AS. scafan, sceafan; akin to D. schaven, G.
   schaben, Icel. skafa, Sw. skafva, Dan. skave, Goth. scaban,
   Russ. kopate to dig, Gr. ska`ptein, and probably to L.
   scabere to scratch, to scrape. Cf. Scab, Shaft, Shape.]
   1. To cut or pare off from the surface of a body with a razor
      or other edged instrument; to cut off closely, as with a
      razor; as, to shave the beard.
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   2. To make bare or smooth by cutting off closely the surface,
      or surface covering, of; especially, to remove the hair
      from with a razor or other sharp instrument; to take off
      the beard or hair of; as, to shave the face or the crown
      of the head; he shaved himself.
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            I'll shave your crown for this.       --Shak.
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            The laborer with the bending scythe is seen
            Shaving the surface of the waving green. --Gay.
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   3. To cut off thin slices from; to cut in thin slices.
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            Plants bruised or shaven in leaf or root. --Bacon.
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   4. To skim along or near the surface of; to pass close to, or
      touch lightly, in passing.
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            Now shaves with level wing the deep.  --Milton.
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   5. To strip; to plunder; to fleece. [Colloq.]
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   To shave a note, to buy it at a discount greater than the
      legal rate of interest, or to deduct in discounting it
      more than the legal rate allows. [Cant, U.S.]
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The Collaborative International Dictionary of English v.0.48:

Shave \Shave\, v. i.
   To use a razor for removing the beard; to cut closely; hence,
   to be hard and severe in a bargain; to practice extortion; to
   cheat.
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WordNet (r) 3.0 (2006):

shave
    n 1: the act of removing hair with a razor [syn: shave,
         shaving]
    v 1: remove body hair with a razor
    2: cut closely; "trim my beard" [syn: shave, trim]
    3: cut the price of [syn: shave, knock off]
    4: cut or remove with or as if with a plane; "The machine shaved
       off fine layers from the piece of wood" [syn: plane,
       shave]
    5: make shavings of or reduce to shavings; "shave the radish"
    6: touch the surface of lightly; "His back shaved the counter in
       passing"