The Collaborative International Dictionary of English v.0.48:

Sheave \Sheave\, n. [Akin to OD. schijve orb, disk, wheel, D.
   schiff, G. scheibe, Icel. sk[imac]fa a shaving, slice; cf.
   Gr. ??? a staff. Cf. Shift, v., Shive.]
   A wheel having a groove in the rim for a rope to work in, and
   set in a block, mast, or the like; the wheel of a pulley.
   [1913 Webster]

   Sheave hole, a channel cut in a mast, yard, rail, or other
      timber, in which to fix a sheave.
      [1913 Webster]