The Collaborative International Dictionary of English v.0.48:

Fleece \Fleece\ (fl[=e]s), n. [OE. flees, AS. fle['o]s; akin to
   D. flies, vlies.]
   1. The entire coat of wool that covers a sheep or other
      similar animal; also, the quantity shorn from a sheep, or
      animal, at one time.
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            Who shore me
            Like a tame wether, all my precious fleece.
                                                  --Milton.
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   2. Any soft woolly covering resembling a fleece.
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   3. (Manuf.) The fine web of cotton or wool removed by the
      doffing knife from the cylinder of a carding machine.
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   Fleece wool, wool shorn from the sheep.

   Golden fleece. See under Golden.
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The Collaborative International Dictionary of English v.0.48:

Fleece \Fleece\, v. t. [imp. & p. p. Fleeced; p. pr. & vb. n.
   Fleecing.]
   1. To deprive of a fleece, or natural covering of wool.
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   2. To strip of money or other property unjustly, especially
      by trickery or fraud; to bring to straits by oppressions
      and exactions.
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            Whilst pope and prince shared the wool betwixt them,
            the people were finely fleeced.       --Fuller.
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   3. To spread over as with wool. [R.] --Thomson.
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WordNet (r) 3.0 (2006):

fleece
    n 1: the wool of a sheep or similar animal
    2: tanned skin of a sheep with the fleece left on; used for
       clothing [syn: sheepskin, fleece]
    3: a soft bulky fabric with deep pile; used chiefly for clothing
    4: outer coat of especially sheep and yaks [syn: wool,
       fleece]
    v 1: rip off; ask an unreasonable price [syn: overcharge,
         soak, surcharge, gazump, fleece, plume, pluck,
         rob, hook] [ant: undercharge]
    2: shear the wool from; "shear sheep" [syn: fleece, shear]