The Collaborative International Dictionary of English v.0.48:

Island \Is"land\, n. [OE. iland, yland, AS. [imac]gland, ?gland,
   ?glond; [imac]g, ?g, island + land, lond, land. AS. [imac]g,
   ?g, is akin to AS. e['a] water, river, OHG. ?uwa, G. au
   meadow, Icel. ey island, Dan. & Sw. ["o], Goth. ahwa a
   stream, water, L. aqua water. The s is due to confusion with
   isle. Cf. Ait, Eyot, Ewer, Aquatic.]
   [1913 Webster]
   1. A tract of land surrounded by water, and smaller than a
      continent. Cf. Continent.
      [1913 Webster]

   2. Anything regarded as resembling an island; as, an island
      of ice.
      [1913 Webster]

   3. (Zool.) See Isle, n., 2.
      [1913 Webster]

   Islands of the blessed (Myth.), islands supposed to lie in
      the Western Ocean, where the favorites of the gods are
      conveyed at death, and dwell in everlasting joy.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Island \Is"land\, v. t.
   1. To cause to become or to resemble an island; to make an
      island or islands of; to isle. --Shelley.
      [1913 Webster]

   2. To furnish with an island or with islands; as, to island
      the deep. --Southey.
      [1913 Webster]

WordNet (r) 3.0 (2006):

island
    n 1: a land mass (smaller than a continent) that is surrounded
         by water
    2: a zone or area resembling an island