The Collaborative International Dictionary of English v.0.48:

Jest \Jest\, v. i. [imp. & p. p. Jested; p. pr. & vb. n.
   Jesting.]
   [1913 Webster]
   1. To take part in a merrymaking; -- especially, to act in a
      mask or interlude. [Obs.] --Shak.
      [1913 Webster]

   2. To make merriment by words or actions; to joke; to make
      light of anything.
      [1913 Webster]

            He jests at scars that never felt a wound. --Shak.

   Syn: To joke; sport; rally.

   Usage: To Jest, Joke. One jests in order to make others
          laugh; one jokes to please himself. A jest is usually
          at the expense of another, and is often ill-natured; a
          joke is a sportive sally designed to promote good
          humor without wounding the feelings of its object.
          "Jests are, therefore, seldom harmless; jokes
          frequently allowable. The most serious subject may be
          degraded by being turned into a jest." --Crabb.
          [1913 Webster]