The Collaborative International Dictionary of English v.0.48:

Shipwreck \Ship"wreck`\, v. t. [imp. & p. p. Shipwrecked; p.
   pr. & vb. n. Shipwrecking.]
   1. To destroy, as a ship at sea, by running ashore or on
      rocks or sandbanks, or by the force of wind and waves in a
      tempest.
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            Shipwrecking storms and direful thunders break.
                                                  --Shak.
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   2. To cause to experience shipwreck, as sailors or
      passengers. Hence, to cause to suffer some disaster or
      loss; to destroy or ruin, as if by shipwreck; to wreck;
      as, to shipwreck a business. --Addison.
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