The Collaborative International Dictionary of English v.0.48:

Shed \Shed\, v. t. [imp. & p. p. Shed; p. pr. & vb. n.
   Shedding.] [OE. scheden, sch?den, to pour, to part, AS.
   sc[=a]dan, sce['a]dan, to pert, to separate; akin to OS.
   sk??an, OFries. sk?tha, G. scheiden, OHG. sceidan, Goth.
   skaidan, and probably to Lith. sk["e]du I part, separate, L.
   scindere to cleave, to split, Gr. ???, Skr. chid, and perch.
   also to L. caedere to cut. [root]159. Cf. Chisel,
   Concise, Schism, Sheading, Sheath, Shide.]
   1. To separate; to divide. [Obs. or Prov. Eng.] --Robert of
      Brunne.
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   2. To part with; to throw off or give forth from one's self;
      to emit; to diffuse; to cause to emanate or flow; to pour
      forth or out; to spill; as, the sun sheds light; she shed
      tears; the clouds shed rain.
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            Did Romeo's hand shed Tybalt's blood? --Shak.
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            Twice seven consenting years have shed
            Their utmost bounty on thy head.      --Wordsworth.
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   3. To let fall; to throw off, as a natural covering of hair,
      feathers, shell; to cast; as, fowls shed their feathers;
      serpents shed their skins; trees shed leaves.
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   4. To cause to flow off without penetrating; as, a tight
      roof, or covering of oiled cloth, sheeds water.
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   5. To sprinkle; to intersperse; to cover. [R.] "Her hair . .
      . is shed with gray." --B. Jonson.
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   6. (Weaving) To divide, as the warp threads, so as to form a
      shed, or passageway, for the shuttle.
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The Collaborative International Dictionary of English v.0.48:

Shedding \Shed"ding\, n.
   1. The act of shedding, separating, or casting off or out;
      as, the shedding of blood.
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   2. That which is shed, or cast off. [R.] --Wordsworth.
      [1913 Webster] Sheelfa

WordNet (r) 3.0 (2006):

shedding
    n 1: the process whereby something is shed [syn: shedding,
         sloughing]
    2: loss of bits of outer skin by peeling or shedding or coming
       off in scales [syn: desquamation, peeling, shedding]