The Collaborative International Dictionary of English v.0.48:

Shrink \Shrink\, v. i. [imp. Shrankor Shrunkp. p. Shrunk
   or Shrunken, but the latter is now seldom used except as a
   participial adjective; p. pr. & vb. n. Shrinking.] [OE.
   shrinken, schrinken, AS. scrincan; akin to OD. schrincken,
   and probably to Sw. skrynka a wrinkle, skrynkla to wrinkle,
   to rumple, and E. shrimp, n. & v., scrimp. CF. Shrimp.]
   1. To wrinkle, bend, or curl; to shrivel; hence, to contract
      into a less extent or compass; to gather together; to
      become compacted.
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            And on a broken reed he still did stay
            His feeble steps, which shrunk when hard thereon he
            lay.                                  --Spenser.
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            I have not found that water, by mixture of ashes,
            will shrink or draw into less room.   --Bacon.
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            Against this fire do I shrink up.     --Shak.
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            And shrink like parchment in consuming fire.
                                                  --Dryden.
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            All the boards did shrink.            --Coleridge.
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   2. To withdraw or retire, as from danger; to decline action
      from fear; to recoil, as in fear, horror, or distress.
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            What happier natures shrink at with affright,
            The hard inhabitant contends is right. --Pope.
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            They assisted us against the Thebans when you shrank
            from the task.                        --Jowett
                                                  (Thucyd.)
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   3. To express fear, horror, or pain by contracting the body,
      or part of it; to shudder; to quake. [R.] --Shak.
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The Collaborative International Dictionary of English v.0.48:

Shrink \Shrink\, v. t.
   1. To cause to contract or shrink; as, to shrink finnel by
      imersing it in boiling water.
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   2. To draw back; to withdraw. [Obs.]
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            The Libyc Hammon shrinks his horn.    --Milton.
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   To shrink on (Mach.), to fix (one piece or part) firmly
      around (another) by natural contraction in cooling, as a
      tire on a wheel, or a hoop upon a cannon, which is made
      slightly smaller than the part it is to fit, and expanded
      by heat till it can be slipped into place.
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The Collaborative International Dictionary of English v.0.48:

Shrink \Shrink\, n.
   1. The act shrinking; shrinkage; contraction; also, recoil;
      withdrawal.
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            Yet almost wish, with sudden shrink,
            That I had less to praise.            --Leigh Hunt.
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   2. [Contraction of head-shrinker, a colloquial term for
      psychiatrist.] a psychiatrist. [Coll.]
      [PJC]

WordNet (r) 3.0 (2006):

shrink
    n 1: a physician who specializes in psychiatry [syn:
         psychiatrist, head-shrinker, shrink]
    v 1: wither, as with a loss of moisture; "The fruit dried and
         shriveled" [syn: shrivel, shrivel up, shrink,
         wither]
    2: draw back, as with fear or pain; "she flinched when they
       showed the slaughtering of the calf" [syn: flinch,
       squinch, funk, cringe, shrink, wince, recoil,
       quail]
    3: reduce in size; reduce physically; "Hot water will shrink the
       sweater"; "Can you shrink this image?" [syn: shrink,
       reduce]
    4: become smaller or draw together; "The fabric shrank"; "The
       balloon shrank" [syn: shrink, contract] [ant: expand,
       spread out, stretch]
    5: decrease in size, range, or extent; "His earnings shrank";
       "My courage shrivelled when I saw the task before me" [syn:
       shrink, shrivel]