The Collaborative International Dictionary of English v.0.48:

Confab \Con"fab\, n. [Contr. from confabulation.]
   Familiar talk or conversation. [Colloq.]
   [1913 Webster]

WordNet (r) 3.0 (2006):

confab
    n 1: an informal conversation [syn: chat, confab,
         confabulation, schmooze, schmoose]
    v 1: talk socially without exchanging too much information; "the
         men were sitting in the cafe and shooting the breeze" [syn:
         chew the fat, shoot the breeze, chat, confabulate,
         confab, chitchat, chit-chat, chatter, chaffer,
         natter, gossip, jaw, claver, visit]
    2: have a conference in order to talk something over; "We
       conferred about a plan of action" [syn: confer,
       confabulate, confab, consult]

Moby Thesaurus II by Grady Ward, 1.0:

49 Moby Thesaurus words for "confab":
   advise, audience, bargaining, bargaining session, bull session,
   chinfest, collogue, conclave, confabulate, confabulation,
   conference, confrontation, congress, consult, consultation,
   convention, council, council fire, council of war, dialogue,
   discussion, duologue, exchange of views,
   eyeball-to-eyeball encounter, high-level talk, huddle,
   interchange of views, interview, meeting, negotiations,
   news conference, palaver, parley, pourparler, powwow,
   press conference, question-and-answer session, seance, session,
   sitting, speech, summit, summit conference, summitry, talk,
   talkfest, treat, trialogue, words