The Collaborative International Dictionary of English v.0.48:

Precise \Pre*cise"\, a. [L. praecisus cut off, brief, concise,
   p. p. of praecidere to cut off in front, to cut off; prae
   before + caedere to cut: cf. F. pr['e]cis. Cf. Concise.]
   1. Having determinate limitations; exactly or sharply defined
      or stated; definite; exact; nice; not vague or equivocal;
      as, precise rules of morality.
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            The law in this point is not precise. --Bacon.
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            For the hour precise
            Exacts our parting hence.             --Milton.
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   2. Strictly adhering or conforming to rule; very nice or
      exact; punctilious in conduct or ceremony; formal;
      ceremonious. --Addison.
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            He was ever precise in promise-keeping. --Shak.
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   Syn: Accurate; exact; definite; correct; scrupulous;
        punctilious; particular; nice; formal. See Accurate.
        [1913 Webster] -- Pre*cise"ly, adv. --
        Pre*cise"ness, n.
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WordNet (r) 3.0 (2006):

precise
    adj 1: sharply exact or accurate or delimited; "a precise mind";
           "specified a precise amount"; "arrived at the precise
           moment" [ant: imprecise]
    2: (of ideas, images, representations, expressions)
       characterized by perfect conformity to fact or truth ;
       strictly correct; "a precise image"; "a precise measurement"
       [syn: accurate, exact, precise]