The Collaborative International Dictionary of English v.0.48:

Cave \Cave\, v. t. [imp. & p. p. Caved; p. pr. & vb. n.
   Caving.] [Cf. F. caver. See Cave, n.]
   To make hollow; to scoop out. [Obs.]
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         The mouldred earth cav'd the banke.      --Spenser.
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The Collaborative International Dictionary of English v.0.48:

Cave \Cave\, v. i.
   1. To dwell in a cave. [Obs.] --Shak.
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   2. [See To cave in, below.] To fall in or down; as, the sand
      bank caved. Hence (Slang), to retreat from a position; to
      give way; to yield in a disputed matter.
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   To cave in. [Flem. inkalven.]
      (a) To fall in and leave a hollow, as earth on the side of
          a well or pit.
      (b) To submit; to yield. [Slang] --H. Kingsley.
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The Collaborative International Dictionary of English v.0.48:

Cave \Cave\ (k[=a]v), n. [F. cave, L. cavus hollow, whence cavea
   cavity. Cf. Cage.]
   1. A hollow place in the earth, either natural or artificial;
      a subterraneous cavity; a cavern; a den.
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   2. Any hollow place, or part; a cavity. [Obs.] "The cave of
      the ear." --Bacon.
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   3. (Eng. Politics) A coalition or group of seceders from a
      political party, as from the Liberal party in England in
      1866. See Adullam, Cave of, in the Dictionary of Noted
      Names in Fiction.
      [Webster 1913 Suppl.]

   Cave bear (Zool.), a very large fossil bear (Ursus
      spel[ae]us) similar to the grizzly bear, but large;
      common in European caves.

   Cave dweller, a savage of prehistoric times whose dwelling
      place was a cave. --Tylor.

   Cave hyena (Zool.), a fossil hyena found abundanty in
      British caves, now usually regarded as a large variety of
      the living African spotted hyena.

   Cave lion (Zool.), a fossil lion found in the caves of
      Europe, believed to be a large variety of the African
      lion.

   Bone cave. See under Bone.
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WordNet (r) 3.0 (2006):

cave
    n 1: a geological formation consisting of an underground
         enclosure with access from the surface of the ground or
         from the sea
    v 1: hollow out as if making a cave or opening; "The river was
         caving the banks" [syn: cave, undermine]
    2: explore natural caves [syn: cave, spelunk]