The Collaborative International Dictionary of English v.0.48:

Putty \Put"ty\, n.; pl. Putties. [Written also puttee,
   puttie.] [Hind. pa[.t][.t]i ribbon, brace, tie.]
   A kind of gaiter of waterproof cloth wrapped around the leg,
   used by soldiers, etc.
   [Webster 1913 Suppl.]