The Collaborative International Dictionary of English v.0.48:

Carve \Carve\ (k[aum]rv), v. t. [imp. & p. p. Carved
   (k[aum]rvd); p. pr. & vb. n. Carving.] [AS. ceorfan to cut,
   carve; akin to D. kerven, G. kerben, Dan. karve, Sw. karfva,
   and to Gr. gra`fein to write, orig. to scratch, and E.
   -graphy. Cf. Graphic.]
   1. To cut. [Obs.]
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            Or they will carven the shepherd's throat.
                                                  --Spenser.
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   2. To cut, as wood, stone, or other material, in an artistic
      or decorative manner; to sculpture; to engrave.
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            Carved with figures strange and sweet. --Coleridge.
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   3. To make or shape by cutting, sculpturing, or engraving; to
      form; as, to carve a name on a tree.
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            An angel carved in stone.             --Tennyson.
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            We carved not a line, and we raised not a stone.
                                                  --C. Wolfe.
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   4. To cut into small pieces or slices, as meat at table; to
      divide for distribution or apportionment; to apportion.
      "To carve a capon." --Shak.
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   5. To cut: to hew; to mark as if by cutting.
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            My good blade carved the casques of men. --Tennyson.
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            A million wrinkles carved his skin.   --Tennyson.
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   6. To take or make, as by cutting; to provide.
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            Who could easily have carved themselves their own
            food.                                 --South.
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   7. To lay out; to contrive; to design; to plan.
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            Lie ten nights awake carving the fashion of a new
            doublet.                              --Shak.
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   To carve out, to make or get by cutting, or as if by
      cutting; to cut out. "[Macbeth] with his brandished steel
      . . . carved out his passage." --Shak.
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            Fortunes were carved out of the property of the
            crown.                                --Macaulay.
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The Collaborative International Dictionary of English v.0.48:

Carving \Carv"ing\, n.
   1. The act or art of one who carves.
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   2. A piece of decorative work cut in stone, wood, or other
      material. "Carving in wood." --Sir W. Temple.
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   3. The whole body of decorative sculpture of any kind or
      epoch, or in any material; as, the Italian carving of the
      15th century.
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WordNet (r) 3.0 (2006):

carving
    n 1: a sculpture created by removing material (as wood or ivory
         or stone) in order to create a desired shape
    2: removing parts from hard material to create a desired pattern
       or shape [syn: carving, cutting]
    3: creating figures or designs in three dimensions [syn:
       sculpture, carving]

Moby Thesaurus II by Grady Ward, 1.0:

27 Moby Thesaurus words for "carving":
   bust, doll, dolly, dummy, fantoccini, figure, figurehead, figurine,
   gingerbread man, lay figure, man of straw, manikin, mannequin,
   marionette, model, monument, portrait bust, puppet, scarecrow,
   sculpture, snowman, statuary, statue, statuette, wax figure,
   waxwork, wood carving