The Collaborative International Dictionary of English v.0.48:

Felt \Felt\, v. t. [imp. & p. p. Felted; p. pr. & vb. n.
   Felting.]
   1. To make into felt, or a feltike substance; to cause to
      adhere and mat together. --Sir M. Hale.
      [1913 Webster]

   2. To cover with, or as with, felt; as, to felt the cylinder
      of a steam engine.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Felting \Felt"ing\, n.
   1. The material of which felt is made; also, felted cloth;
      also, the process by which it is made.
      [1913 Webster]

   2. The act of splitting timber by the felt grain.
      [1913 Webster]