The Collaborative International Dictionary of English v.0.48:

Shipwreck \Ship"wreck`\, n.
   1. The breaking in pieces, or shattering, of a ship or other
      vessel by being cast ashore or driven against rocks,
      shoals, etc., by the violence of the winds and waves.
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   2. A ship wrecked or destroyed upon the water, or the parts
      of such a ship; wreckage. --Dryden.
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   3. Fig.: Destruction; ruin; irretrievable loss.
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            Holding faith and a good conscience, which some
            having put away concerning faith have made
            shipwreck.                            --1 Tim. 1.
                                                  19.
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            It was upon an Indian bill that the late ministry
            had made shipwreck.                   --J. Morley.
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The Collaborative International Dictionary of English v.0.48:

Shipwreck \Ship"wreck`\, v. t. [imp. & p. p. Shipwrecked; p.
   pr. & vb. n. Shipwrecking.]
   1. To destroy, as a ship at sea, by running ashore or on
      rocks or sandbanks, or by the force of wind and waves in a
      tempest.
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            Shipwrecking storms and direful thunders break.
                                                  --Shak.
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   2. To cause to experience shipwreck, as sailors or
      passengers. Hence, to cause to suffer some disaster or
      loss; to destroy or ruin, as if by shipwreck; to wreck;
      as, to shipwreck a business. --Addison.
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WordNet (r) 3.0 (2006):

shipwreck
    n 1: a wrecked ship (or a part of one)
    2: an irretrievable loss; "that was the shipwreck of their
       romance"
    3: an accident that destroys a ship at sea [syn: shipwreck,
       wreck]
    v 1: ruin utterly; "You have shipwrecked my career"
    2: suffer failure, as in some enterprise
    3: cause to experience shipwreck; "They were shipwrecked in one
       of the mysteries at sea"
    4: destroy a ship; "The vessel was shipwrecked"