The Collaborative International Dictionary of English v.0.48:

Flay \Flay\ (fl[=a]), v. t. [imp. & p. p. Flayed (fl[=a]d); p.
   pr. & vb. n. Flaying.] [OE. flean, flan, AS. fle['a]n; akin
   to D. vlaen, Icel. fl[=a], Sw. fl[*a], Dan. flaae, cf. Lith.
   pleszti to tear, plyszti, v.i., to burst, tear; perh. akin to
   E. flag a flat stone, flaw.]
   To skin; to strip off the skin or surface of; as, to flay an
   ox; to flay the green earth.
   [1913 Webster]

         With her nails
         She 'll flay thy wolfish visage.         --Shak.
   [1913 Webster]

WordNet (r) 3.0 (2006):

flay
    v 1: strip the skin off