The Collaborative International Dictionary of English v.0.48:

Chrism \Chrism\, n. [OE. crisme, from AS. crisma; also OE.
   creme, fr. OF. cresme, like the AS. word fr. LL. chrisma, fr.
   Gr. ?, fr. ? to anoint; perh. akin to L. friare, fricare, to
   rub, Skr. gharsh, E. friable, friction. Cf. Chrisom.] (Gr.
   & R. C. Church?s)
   [1913 Webster]
   1. Olive oil mixed with balm and spices, consecrated by the
      bishop on Maundy Thursday, and used in the administration
      of baptism, confirmation, ordination, etc.
      [1913 Webster]

   2. The same as Chrisom.
      [1913 Webster]

WordNet (r) 3.0 (2006):

chrism
    n 1: a consecrated ointment consisting of a mixture of oil and
         balsam [syn: chrism, chrisom, sacramental oil, holy
         oil]