The Collaborative International Dictionary of English v.0.48:

Moldy \Mold"y\, Mouldy \Mould"y\, a. [Compar. Moldieror
   Mouldier; superl. Moldiest or Mouldiest.] [From Mold
   the growth of fungi.]
   Overgrown with, or containing, mold; smelling of mold; as,
   moldy cheese or bread.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Mould \Mould\ (m[=o]lt), Moulder \Mould"er\ (m[=o]ld"[~e]r),
Mouldy \Mould"y\ (m[=o]ld"[y^]), etc.
   See Mold, Molder, Moldy, etc.
   [1913 Webster]

WordNet (r) 3.0 (2006):

mouldy
    adj 1: covered with or smelling of mold; "moldy bread"; "a moldy
           (or musty) odor" [syn: moldy, mouldy, musty]