The Collaborative International Dictionary of English v.0.48:

Knit \Knit\ (n[i^]t), v. t. [imp. & p. p. Knit or Knitted;
   p. pr. & vb. n. Knitting.] [OE. knitten, knutten, As.
   cnyttan, fr. cnotta knot; akin to Icel. kn[=y]ta, Sw. knyta,
   Dan. knytte. See Knot.]
   1. To form into a knot, or into knots; to tie together, as
      cord; to fasten by tying.
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            A great sheet knit at the four corners. --Acts x.
                                                  11.
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            When your head did but ache,
            I knit my handkercher about your brows. --Shak.
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   2. To form, as a textile fabric, by the interlacing of yarn
      or thread in a series of connected loops, by means of
      needles, either by hand or by machinery; as, to knit
      stockings.
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   3. To join; to cause to grow together.
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            Nature can not knit the bones while the parts are
            under a discharge.                    --Wiseman.
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   4. To unite closely; to connect; to engage; as, hearts knit
      together in love.
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            Thy merit hath my duty strongly knit. --Shak.
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            Come, knit hands, and beat the ground,
            In a light fantastic round.           --Milton
                                                  (Comus).
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            A link among the days, toknit
            The generations each to each.         --Tennyson.
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   5. To draw together; to contract into wrinkles.
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            He knits his brow and shows an angry eye. --Shak.
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The Collaborative International Dictionary of English v.0.48:

Knitting \Knit"ting\, n.
   1. The work of a knitter; the network formed by knitting;
      knitwork.
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   2. Union formed by knitting, as of bones.
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   Knitting machine, one of a number of contrivances for
      mechanically knitting stockings, jerseys, and the like.

   Knitting needle, a stiff rod, as of steel wire, with
      rounded ends for knitting yarn or threads into a fabric,
      as in stockings.

   Knitting sheath, a sheath to receive the end of a needle in
      knitting.
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WordNet (r) 3.0 (2006):

knitting
    n 1: needlework created by interlacing yarn in a series of
         connected loops using straight eyeless needles or by
         machine [syn: knit, knitting, knitwork]
    2: creating knitted wear