The Collaborative International Dictionary of English v.0.48:

Colet \Col"et\, Collet \Col"let\ [Corrupted fr. acolyte.]
   An inferior church servant. [Obs.] See Acolyte.
   [1913 Webster] Coletit

The Collaborative International Dictionary of English v.0.48:

Collet \Col"let\, n. [F. collet, dim. fr. L. collum neck. See
   Collar.]
   1. A small collar or neckband. --Foxe.
      [1913 Webster]

   2. (Mech.) A small metal ring; a small collar fastened on an
      arbor; as, the collet on the balance arbor of a watch; a
      small socket on a stem, for holding a drill.
      [1913 Webster]

   3. (Jewelry)
      (a) The part of a ring containing the bezel in which the
          stone is set.
      (b) The flat table at the base of a brilliant. See Illust.
          of Brilliant.
          [1913 Webster]

                How full the collet with his jewel is! --Cowley.
          [1913 Webster]

WordNet (r) 3.0 (2006):

collet
    n 1: a metal cap or band placed on a wooden pole to prevent
         splitting [syn: ferrule, collet]
    2: a cone-shaped chuck used for holding cylindrical pieces in a
       lathe [syn: collet, collet chuck]
    3: a band or collar that holds an individual stone in a jewelry
       setting