NOUN (1)

1. a negotiation between enemies;


VERB (1)

1. discuss, as between enemies;

The Collaborative International Dictionary of English v.0.48:

Parley \Par"ley\, n.; pl. Parleys. [F. parler speech, talk,
   fr. parler to speak, LL. parabolare, fr. L. parabola a
   comparison, parable, in LL., a word. See Parable, and cf.
   Parliament, Parlor.]
   Mutual discourse or conversation; discussion; hence, an oral
   conference with an enemy, as with regard to a truce.
   [1913 Webster]

         We yield on parley, but are stormed in vain. --Dryden.
   [1913 Webster]

   To beat a parley (Mil.), to beat a drum, or sound a
      trumpet, as a signal for holding a conference with the
      enemy.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Parley \Par"ley\, v. i. [imp. & p. p. Parleyed; p. pr. & vb.
   n. Parleying.]
   To speak with another; to confer on some point of mutual
   concern; to discuss orally; hence, specifically, to confer
   orally with an enemy; to treat with him by words, as on an
   exchange of prisoners, an armistice, or terms of peace.
   [1913 Webster]

         They are at hand,
         To parley or to fight; therefore prepare. --Shak.
   [1913 Webster]

WordNet (r) 3.0 (2006):

parley
    n 1: a negotiation between enemies
    v 1: discuss, as between enemies