The Collaborative International Dictionary of English v.0.48:

Oversee \O`ver*see"\, v. t. [imp. Oversaw; p. p. Overseen;
   p. pr. & vb. n. Overseeing.] [AS. ofers['e]on to survey, to
   despise. See Over, and See.]
   [1913 Webster]
   1. To superintend; to watch over; to direct; to look or see
      after; to overlook[2].
      [1913 Webster]

   2. To omit or neglect seeing; to overlook[5]. [archaic]
      --Spenser.
      [1913 Webster]

   3. To see unintentionally or unexpectedly; -- the visual
      analogy to overhear.
      [PJC]

The Collaborative International Dictionary of English v.0.48:

Oversee \O`ver*see"\, v. i.
   To see too or too much; hence, to be deceived. [Obs.]
   [1913 Webster]

         The most expert gamesters may sometimes oversee.
                                                  --Fuller.
   [1913 Webster]

         Your partiality to me is much overseen, if you think me
         fit to correct your Latin.               --Walpole.
   [1913 Webster]

WordNet (r) 3.0 (2006):

oversee
    v 1: watch and direct; "Who is overseeing this project?" [syn:
         oversee, supervise, superintend, manage]