The Collaborative International Dictionary of English v.0.48:

Gift \Gift\, n. [OE. gift, yift, yeft, AS. gift, fr. gifan to
   give; akin to D. & G. gift, Icel. gift, gipt, Goth. gifts (in
   comp.). See Give, v. t.]
   1. Anything given; anything voluntarily transferred by one
      person to another without compensation; a present; an
      offering.
      [1913 Webster]

            Shall I receive by gift, what of my own, . . .
            I can command ?                       --Milton.
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   2. The act, right, or power of giving or bestowing; as, the
      office is in the gift of the President.
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   3. A bribe; anything given to corrupt.
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            Neither take a gift, for a gift doth blind the eyes
            of the wise.                          --Deut. xvi.
                                                  19.
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   4. Some exceptional inborn quality or characteristic; a
      striking or special talent or aptitude; power; faculty;
      as, the gift of wit; a gift for speaking.
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   5. (Law) A voluntary transfer of real or personal property,
      without any consideration. It can be perfected only by
      deed, or in case of personal property, by an actual
      delivery of possession. --Bouvier. --Burrill.
      [1913 Webster]

   Gift rope (Naut), a rope extended to a boat for towing it;
      a guest rope.

   Syn: Present; donation; grant; largess; benefaction; boon;
        bounty; gratuity; endowment; talent; faculty.

   Usage: Gift, Present, Donation. These words, as here
          compared, denote something gratuitously imparted to
          another out of one's property. A gift is something
          given whether by a superior or an inferior, and is
          usually designed for the relief or benefit of him who
          receives it. A present is ordinarly from an equal or
          inferior, and is always intended as a compliment or
          expression of kindness. Donation is a word of more
          dignity, denoting, properly, a gift of considerable
          value, and ordinarly a gift made either to some public
          institution, or to an individual on account of his
          services to the public; as, a donation to a hospital,
          a charitable society, or a minister.
          [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Gift \Gift\, v. t. [imp. & p. p. Gifted; p. pr. & vb. n.
   Gifting.]
   To endow with some power or faculty. See gift[4].
   [1913 Webster]

         He was gifted . . . with philosophical sagacity. --I.
                                                  Taylor.
   [1913 Webster]

WordNet (r) 3.0 (2006):

gift
    n 1: something acquired without compensation
    2: natural abilities or qualities [syn: endowment, gift,
       talent, natural endowment]
    3: the act of giving [syn: giving, gift]
    v 1: give qualities or abilities to [syn: endow, indue,
         gift, empower, invest, endue]
    2: give as a present; make a gift of; "What will you give her
       for her birthday?" [syn: give, gift, present]