The Collaborative International Dictionary of English v.0.48:

Faucet \Fau"cet\, n. [F. fausset, perh. fr. L. fauces throat.]
   1. A fixture for drawing a liquid, as water, molasses, oil,
      etc., from a pipe, cask, or other vessel, in such
      quantities as may be desired; -- called also tap, and
      cock. It consists of a tubular spout, stopped with a
      movable plug, spigot, valve, or slide.
      [1913 Webster]

   2. The enlarged end of a section of pipe which receives the
      spigot end of the next section.
      [1913 Webster]

WordNet (r) 3.0 (2006):

faucet
    n 1: a regulator for controlling the flow of a liquid from a
         reservoir [syn: faucet, spigot]