The Collaborative International Dictionary of English v.0.48:

Fob \Fob\ (f[o^]b), n. [Cf. Prov. G. fuppe pocket.]
   1. A little pocket for a watch; -- callled also a watch
      pocket.
      [1913 Webster]

   2. a short chain or ribbon attached to a pocket watch,
      usually worn hanging out of the watch pocket, and used to
      conveniently remove the watch from the watch pocket.
      [PJC]

   Fob chain, a short watch chain worn with a watch carried in
      the fob; a fob[2].
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Fob \Fob\, v. t. [imp. & p. p. Fobbed; p. pr. & vb. n.
   Fobbing.] [Cf.Fop.]
   [1913 Webster]
   1. To beat; to maul. [Obs.]
      [1913 Webster]

   2. To cheat; to trick; to impose on. --Shak.
      [1913 Webster]

   To fob off, to shift off by an artifice; to put aside; to
      delude with a trick."A conspiracy of bishops could
      prostrate and fob off the right of the people." --Milton.
      [1913 Webster]

WordNet (r) 3.0 (2006):

fob
    n 1: a vest pocket to hold a pocket watch [syn: fob, watch
         pocket]
    2: an adornment that hangs from a watch chain
    3: short chain or ribbon attaching a pocket watch to a man's
       vest [syn: fob, watch chain, watch guard]
    v 1: deceive somebody; "We tricked the teacher into thinking
         that class would be cancelled next week" [syn: flim-flam,
         play a joke on, play tricks, trick, fob, fox,
         pull a fast one on, play a trick on]

Moby Thesaurus II by Grady Ward, 1.0:

40 Moby Thesaurus words for "fob":
   anklet, armlet, bag, balloon, bangle, beads, bijou, bladder,
   bracelet, breastpin, brooch, chain, chaplet, charm, chatelaine,
   circle, coronet, crown, diadem, earring, gem, jewel, locket,
   necklace, nose ring, pin, pocket, poke, precious stone, rhinestone,
   ring, sac, sack, stickpin, stone, tiara, torque, wampum, wristband,
   wristlet