The Collaborative International Dictionary of English v.0.48:

Hone \Hone\, v. t. [imp. & p. p. Honed (h[=o]nd); p. pr. & vb.
   n. Honing.]
   1. To sharpen on, or with, a hone; to rub on a hone in order
      to sharpen; as, to hone a razor.
      [1913 Webster]

   2. to render more precise or more effective; as, to hone
      one's skills.
      [PJC]