The Collaborative International Dictionary of English v.0.48:

Waffle \Waffle\, n. [D. wafel. See Wafer.]
   1. A thin cake baked and then rolled; a wafer.
      [1913 Webster]

   2. A soft indented cake cooked in a waffle iron.
      [1913 Webster]

   Waffle iron, an iron utensil or mold made in two parts
      shutting together, -- used for cooking waffles over a
      fire.
      [1913 Webster]

WordNet (r) 3.0 (2006):

waffle
    n 1: pancake batter baked in a waffle iron
    v 1: pause or hold back in uncertainty or unwillingness;
         "Authorities hesitate to quote exact figures" [syn:
         hesitate, waver, waffle]