The Collaborative International Dictionary of English v.0.48:

Volley \Vol"ley\, v. t. [imp. & p. p. Volleyed; p. pr. & vb.
   n. Volleying.]
   To discharge with, or as with, a volley.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Volley \Vol"ley\, v. i.
   1. To be thrown out, or discharged, at once; to be discharged
      in a volley, or as if in a volley; to make a volley or
      volleys. --Tennyson.
      [1913 Webster]

   2.
      (a) (Tennis) To return the ball before it touches the
          ground.
      (b)
      (Cricket) To send the ball full to the top of the wicket.
                --R. A. Proctor.
                [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Volley \Vol"ley\, n.; pl. Volleys. [F. vol['e]e; flight, a
   volley, or discharge of several guns, fr. voler to fly, L.
   volare. See Volatile.]
   1. A flight of missiles, as arrows, bullets, or the like; the
      simultaneous discharge of a number of small arms.
      [1913 Webster]

            Fiery darts in flaming volleys flew.  --Milton.
      [1913 Webster]

            Each volley tells that thousands cease to breathe.
                                                  --Byron.
      [1913 Webster]

   2. A burst or emission of many things at once; as, a volley
      of words. "This volley of oaths." --B. Jonson.
      [1913 Webster]

            Rattling nonsense in full volleys breaks. --Pope.
      [1913 Webster]

   3.
      (a) (Tennis) A return of the ball before it touches the
          ground.
      (b) (Cricket) A sending of the ball full to the top of the
          wicket.
          [1913 Webster]
          [1913 Webster]

   Half volley.
      (a) (Tennis) A return of the ball immediately after is has
          touched the ground.
      (b) (Cricket) A sending of the ball so that after touching
          the ground it flies towards the top of the wicket.
          --R. A. Proctor.

   On the volley, at random. [Obs.] "What we spake on the
      volley begins work." --Massinger.

   Volley gun, a gun with several barrels for firing a number
      of shots simultaneously; a kind of mitrailleuse.
      [1913 Webster]

WordNet (r) 3.0 (2006):

volley
    n 1: rapid simultaneous discharge of firearms; "our fusillade
         from the left flank caught them by surprise" [syn:
         fusillade, salvo, volley, burst]
    2: a tennis return made by hitting the ball before it bounces
       [ant: ground stroke]
    v 1: be dispersed in a volley; "gun shots volleyed at the
         attackers"
    2: hit before it touches the ground; "volley the tennis ball"
    3: discharge in, or as if in, a volley; "the attackers volleyed
       gunshots at the civilians"
    4: make a volley
    5: utter rapidly; "volley a string of curses"