The Collaborative International Dictionary of English v.0.48:

Clout \Clout\ (klout), n. [AS. cl[=u]t a little cloth, piece of
   metal; cf. Sw. klut, Icel. kl[=u]tr a kerchief, or W. clwt a
   clout, Gael. clud.]
   1. A cloth; a piece of cloth or leather; a patch; a rag.
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            His garments, nought but many ragged clouts,
            With thorns together pinned and patched was.
                                                  --Spenser.
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            A clout upon that head where late the diadem stood.
                                                  --Shak.
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   2. A swadding cloth.
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   3. A piece; a fragment. [Obs.] --Chaucer.
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   4. The center of the butt at which archers shoot; -- probably
      once a piece of white cloth or a nail head.
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            A'must shoot nearer or he'll ne'er hit the clout.
                                                  --Shak.
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   5. An iron plate on an axletree or other wood to keep it from
      wearing; a washer.
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   6. A blow with the hand. [Low]
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   Clout nail, a kind of wrought-iron nail heaving a large
      flat head; -- used for fastening clouts to axletrees,
      plowshares, etc., also for studding timber, and for
      various purposes.
      [1913 Webster]

WordNet (r) 3.0 (2006):

clout nail
    n 1: a short nail with a flat head; used to attach sheet metal
         to wood [syn: clout nail, clout]