The Collaborative International Dictionary of English v.0.48:

Flaunt \Flaunt\ (fl[aum]nt or fl[add]nt; 277), v. i. [imp. & p.
   p. Flaunted; p. pr. & vb. n.. Flaunting.] [Cf. dial. G.
   flandern to flutter, wave; perh. akin to E. flatter,
   flutter.]
   To throw or spread out; to flutter; to move ostentatiously;
   as, a flaunting show.
   [1913 Webster]

         You flaunt about the streets in your new gilt chariot.
                                                  --Arbuthnot.
   [1913 Webster]

         One flaunts in rags, one flutters in brocade. --Pope.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Flaunt \Flaunt\, v. t.
   To display ostentatiously; to make an impudent show of. "If
   you've got it, flaunt it."
   [1913 Webster +PJC]

The Collaborative International Dictionary of English v.0.48:

Flaunt \Flaunt\, n.
   Anything displayed for show. [Obs.]
   [1913 Webster]

         In these my borrowed flaunts.            --Shak.
   [1913 Webster]

WordNet (r) 3.0 (2006):

flaunt
    n 1: the act of displaying something ostentatiously; "his
         behavior was an outrageous flaunt"
    v 1: display proudly; act ostentatiously or pretentiously; "he
         showed off his new sports car" [syn: flaunt, flash,
         show off, ostentate, swank]