Wordnet 3.0
NOUN (1)
1. 
 a narrow boundary; 
- Example: "he lived on a knife-edge between genius and insanity"
The Collaborative International Dictionary of English v.0.48:
Knife-edge \Knife"-edge`\, n. (Mech.)
   A piece of steel sharpened to an acute edge or angle, and
   resting on a smooth surface, serving as the axis of motion of
   a pendulum, scale beam, or other piece required to oscillate
   with the least possible friction.
   [1913 Webster]
   Knife-edge file. See Illust. of File.
      [1913 Webster]
WordNet (r) 3.0 (2006):
knife-edge
    n 1: a narrow boundary; "he lived on a knife-edge between genius
         and insanity"