The Collaborative International Dictionary of English v.0.48:

Clout \Clout\ (klout), n. [AS. cl[=u]t a little cloth, piece of
   metal; cf. Sw. klut, Icel. kl[=u]tr a kerchief, or W. clwt a
   clout, Gael. clud.]
   1. A cloth; a piece of cloth or leather; a patch; a rag.
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            His garments, nought but many ragged clouts,
            With thorns together pinned and patched was.
                                                  --Spenser.
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            A clout upon that head where late the diadem stood.
                                                  --Shak.
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   2. A swadding cloth.
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   3. A piece; a fragment. [Obs.] --Chaucer.
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   4. The center of the butt at which archers shoot; -- probably
      once a piece of white cloth or a nail head.
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            A'must shoot nearer or he'll ne'er hit the clout.
                                                  --Shak.
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   5. An iron plate on an axletree or other wood to keep it from
      wearing; a washer.
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   6. A blow with the hand. [Low]
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   Clout nail, a kind of wrought-iron nail heaving a large
      flat head; -- used for fastening clouts to axletrees,
      plowshares, etc., also for studding timber, and for
      various purposes.
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The Collaborative International Dictionary of English v.0.48:

Clout \Clout\, v. t. [imp. & p. p. Clouted; p. pr. & vb. n.
   Clouting.] [OE. clutien. clouten, to patch. See Clout,
   n.]
   1. To cover with cloth, leather, or other material; to
      bandage; patch, or mend, with a clout.
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            And old shoes and clouted upon their feet. --Josh.
                                                  ix. 5.
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            Paul, yea, and Peter, too, had more skill in . . .
            clouting an old tent than to teach lawyers.
                                                  --Latimer.
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   2. To join or patch clumsily.
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            If fond Bavius vent his clouted song. --P. Fletcher
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   3. To quard with an iron plate, as an axletree.
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   4. To give a blow to; to strike. [Low]
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            The . . . queen of Spain took off one of her
            chopines and clouted Olivarez about the noddle with
            it.                                   --Howell.
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   5. To stud with nails, as a timber, or a boot sole.
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   Clouted cream, clotted cream, i. e., cream obtained by
      warming new milk. --A. Philips.
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   Note: "Clouted brogues" in Shakespeare and "clouted shoon" in
         Milton have been understood by some to mean shoes armed
         with nails; by others, patched shoes.
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WordNet (r) 3.0 (2006):

clout
    n 1: a target used in archery
    2: special advantage or influence; "the chairman's nephew has a
       lot of pull" [syn: pull, clout]
    3: a short nail with a flat head; used to attach sheet metal to
       wood [syn: clout nail, clout]
    4: (boxing) a blow with the fist; "I gave him a clout on his
       nose" [syn: punch, clout, poke, lick, biff, slug]
    v 1: strike hard, especially with the fist; "He clouted his
         attacker"