The Collaborative International Dictionary of English v.0.48:

Parachute \Par"a*chute\ (p[a^]r"[.a]*sh[=oo]t or
   p[a^]r"[.a]*sh[udd]t), n. [F., fr. parer to ward off, guard +
   chute a fall. See Parry, and Chute, Chance.]
   [1913 Webster]
   1. A device made of a piece of cloth, usually silk, attached
      to multiple chords fastened to a harness; when attached to
      a person or object falling through the air, it opens from
      a folded configuration into an umbrella-shaped form, thus
      slowing the rate of descent so that a safe descent and
      landing may be made through the air from an airplane,
      balloon, or other high point. It is commonly used for
      descending to the ground from a flying airplane, as for
      military operations (as of airborne troops) or in an
      emergency, or for sport. In the case of use as a sport,
      the descent from an airplane by parachute is called sky
      diving. Some older versions of parachute were more rigid,
      and were shaped somewhat in the form of an umbrella.

   2. (Zool.) A web or fold of skin which extends between the
      legs of certain mammals, as the flying squirrels, colugo,
      and phalangister.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

parachute \par"a*chute\, v. i.
   TO descend to th ground from an airplane or other high place
   using a parachute; as, when the plane stalled, he parachuted
   safely to the ground.
   [PJC]

   golden parachute a generous set of financial benefits,
      including severance pay, provided by contract to a
      high-level corporate employee in the event s/he is
      dismissed or his/her job is lost in a corporate takeover
      or merger; also, the contract providing for such benefits.


   drogue parachute a small parachute that is first released
      and opened in order to more reliably deploy a larger
      parachute. Also called drogue.
      [PJC] parachuter

WordNet (r) 3.0 (2006):

parachute
    n 1: rescue equipment consisting of a device that fills with air
         and retards your fall [syn: parachute, chute]
    v 1: jump from an airplane and descend with a parachute [syn:
         chute, parachute, jump]