The Collaborative International Dictionary of English v.0.48:

Faucet \Fau"cet\, n. [F. fausset, perh. fr. L. fauces throat.]
   1. A fixture for drawing a liquid, as water, molasses, oil,
      etc., from a pipe, cask, or other vessel, in such
      quantities as may be desired; -- called also tap, and
      cock. It consists of a tubular spout, stopped with a
      movable plug, spigot, valve, or slide.
      [1913 Webster]

   2. The enlarged end of a section of pipe which receives the
      spigot end of the next section.
      [1913 Webster]

WordNet (r) 3.0 (2006):

faucet
    n 1: a regulator for controlling the flow of a liquid from a
         reservoir [syn: faucet, spigot]

Moby Thesaurus II by Grady Ward, 1.0:

31 Moby Thesaurus words for "faucet":
   ball cock, ball valve, bung, bunghole, check valve, cock, cork,
   drain cock, draw cock, gate, hydrant, lid, needle valve, peg,
   petcock, pin, plug, sea cock, spigot, spike, spile, spill, stop,
   stopcock, stopgap, stopper, stopple, tap, valve, valvula,
   valvule