The Collaborative International Dictionary of English v.0.48:

Gaud \Gaud\, n. [OE. gaude jest, trick, gaudi bead of a rosary,
   fr. L. gaudium joy, gladness. See Joy.]
   1. Trick; jest; sport. [Obs.] --Chaucer.
      [1913 Webster]

   2. Deceit; fraud; artifice; device. [Obs.] --Chaucer.
      [1913 Webster]

   3. An ornament; a piece of worthless finery; a trinket. "An
      idle gaud." --Shak.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Gaud \Gaud\, v. i. [Cf. F. se gaudir to rejoice, fr. L. gaudere.
   See Gaud, n.]
   To sport or keep festival. [Obs.] "Gauding with his
   familiars. " [Obs.] --Sir T. North.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Gaud \Gaud\, v. t. [imp. & p. p. Gauded; p. pr. & vb. n.
   Gauding.]
   To bedeck gaudily; to decorate with gauds or showy trinkets
   or colors; to paint. [Obs.] "Nicely gauded cheeks." --Shak.
   [1913 Webster]

WordNet (r) 3.0 (2006):

gaud
    n 1: cheap showy jewelry or ornament on clothing [syn: bangle,
         bauble, gaud, gewgaw, novelty, fallal, trinket]