The Collaborative International Dictionary of English v.0.48:

Waft \Waft\, n.
   1. A wave or current of wind. "Everywaft of the air."
      --Longfellow.
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            In this dire season, oft the whirlwind's wing
            Sweeps up the burden of whole wintry plains
            In one wide waft.                     --Thomson.
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   2. A signal made by waving something, as a flag, in the air.
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   3. An unpleasant flavor. [Obs.]
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   4. (Naut.) A knot, or stop, in the middle of a flag. [Written
      also wheft.]
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   Note: A flag with a waft in it, when hoisted at the staff, or
         half way to the gaff, means, a man overboard; at the
         peak, a desire to communicate; at the masthead, "Recall
         boats."
         [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Waft \Waft\, v. t. [imp. & p. p. Wafted; p. pr. & vb. n.
   Wafting.] [Prob. originally imp. & p. p. of wave, v. t. See
   Wave to waver.]
   1. To give notice to by waving something; to wave the hand
      to; to beckon. [Obs.]
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            But soft: who wafts us yonder?        --Shak.
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   2. To cause to move or go in a wavy manner, or by the impulse
      of waves, as of water or air; to bear along on a buoyant
      medium; as, a balloon was wafted over the channel.
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            A gentle wafting to immortal life.    --Milton.
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            Speed the soft intercourse from soul to soul,
            And waft a sigh from Indus to the pole. --Pope.
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   3. To cause to float; to keep from sinking; to buoy. [Obs.]
      --Sir T. Browne.
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   Note: This verb is regular; but waft was formerly som?times
         used, as by Shakespeare, instead of wafted.
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The Collaborative International Dictionary of English v.0.48:

Waft \Waft\, v. i.
   To be moved, or to pass, on a buoyant medium; to float.
   [1913 Webster]

         And now the shouts waft near the citadel. --Dryden.
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WordNet (r) 3.0 (2006):

waft
    n 1: a long flag; often tapering [syn: pennant, pennon,
         streamer, waft]
    v 1: be driven or carried along, as by the air; "Sounds wafted
         into the room"
    2: blow gently; "A breeze wafted through the door"