The Collaborative International Dictionary of English v.0.48:

Chaff \Chaff\, n. [AC. ceaf; akin to D. kaf, G. kaff.]
   [1913 Webster]
   1. The glumes or husks of grains and grasses separated from
      the seed by threshing and winnowing, etc.
      [1913 Webster]

            So take the corn and leave the chaff behind.
                                                  --Dryden.
      [1913 Webster]

            Old birds are not caught with caff.   --Old Proverb.
      [1913 Webster]

   2. Anything of a comparatively light and worthless character;
      the refuse part of anything.
      [1913 Webster]

            The chaff and ruin of the times.      --Shak.
      [1913 Webster]

   3. Straw or hay cut up fine for the food of cattle.
      [1913 Webster]

            By adding chaff to his corn, the horse must take
            more time to eat it. In this way chaff is very
            useful.                               --Ywatt.
      [1913 Webster]

   4. Light jesting talk; banter; raillery.
      [1913 Webster]

   5. (Bot.) The scales or bracts on the receptacle, which
      subtend each flower in the heads of many Composit[ae], as
      the sunflower. --Gray.
      [1913 Webster]

   Chaff cutter, a machine for cutting, up straw, etc., into
      "chaff" for the use of cattle.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Chaff \Chaff\, v. i. [imp. & p. p. Chaffed; p. pr. & vb. n.
   Chaffing.]
   To use light, idle language by way of fun or ridicule; to
   banter.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Chaff \Chaff\, v. t.
   To make fun of; to turn into ridicule by addressing in
   ironical or bantering language; to quiz.
   [1913 Webster]

         Morgan saw that his master was chaffing him.
                                                  --Thackeray.
   [1913 Webster]

         A dozen honest fellows . . . chaffed each other about
         their sweethearts.                       --C. Kingsley.
   [1913 Webster]

WordNet (r) 3.0 (2006):

chaff
    n 1: material consisting of seed coverings and small pieces of
         stem or leaves that have been separated from the seeds
         [syn: chaff, husk, shuck, stalk, straw,
         stubble]
    2: foil in thin strips; ejected into the air as a radar
       countermeasure
    v 1: be silly or tease one another; "After we relaxed, we just
         kidded around" [syn: kid, chaff, jolly, josh,
         banter]