The Collaborative International Dictionary of English v.0.48:

Furl \Furl\ (f[^u]rl), v. t. [imp. & p. p. Furled (f[^u]rld);
   p. pr. & vb. n. Furling.] [Contr. fr. furdle, fr. fardel
   bundle: cf. F. ferler to furl, OF. fardeler to pack. See
   Furdle, Fardel, and cf. Farl.]
   To draw up or gather into close compass; to wrap or roll, as
   a sail, close to the yard, stay, or mast, or, as a flag,
   close to or around its staff, securing it there by a gasket
   or line. --Totten.
   [1913 Webster]

WordNet (r) 3.0 (2006):

furl
    v 1: form into a cylinder by rolling; "Roll up the cloth" [syn:
         roll up, furl]