The Collaborative International Dictionary of English v.0.48:

Lathe \Lathe\ (l[aum][th]), n. [AS. l[=ae][eth]. Of uncertain
   origin.]
   Formerly, a part or division of a county among the
   Anglo-Saxons. At present it consists of four or five
   hundreds, and is confined to the county of Kent. [Written
   also lath.] --Brande & C.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Lathe \Lathe\ (l[=a][th]), n. [OE. lathe a granary; akin to G.
   lade a chest, Icel. hla[eth]a a storehouse, barn; but cf.
   also Icel. l["o][eth] a smith's lathe. Senses 2 and 3 are
   perh. of the same origin as lathe a granary, the original
   meaning being, a frame to hold something. If so, the word is
   from an older form of E. lade to load. See Lade to load.]
   1. A granary; a barn. [Obs.] --Chaucer.
      [1913 Webster]

   2. (Mach.) A machine for turning, that is, for shaping
      articles of wood, metal, or other material, by causing
      them to revolve while acted upon by a cutting tool.

WordNet (r) 3.0 (2006):

lathe
    n 1: machine tool for shaping metal or wood; the workpiece turns
         about a horizontal axis against a fixed tool