The Collaborative International Dictionary of English v.0.48:

Smart \Smart\ (sm[aum]rt), v. i. [imp. & p. p. Smarted; p. pr.
   & vb. n. Smarting.] [OE. smarten, AS. smeortan; akin to D.
   smarten, smerten, G. schmerzen, OHG. smerzan, Dan. smerte,
   Sw. sm[aum]rta, D. smart, smert, a pain, G. schmerz, OHG.
   smerzo, and probably to L. mordere to bite; cf. Gr.
   smerdno`s, smerdale`os, terrible, fearful, Skr. m[.r]d to
   rub, crush. Cf. Morsel.]
   1. To feel a lively, pungent local pain; -- said of some part
      of the body as the seat of irritation; as, my finger
      smarts; these wounds smart. --Chaucer. --Shak.
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   2. To feel a pungent pain of mind; to feel sharp pain or
      grief; to suffer; to feel the sting of evil; as, the team
      is still smarting from its loss of the championship.
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            No creature smarts so little as a fool. --Pope.
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            He that is surety for a stranger shall smart for it.
                                                  --Prov. xi.
                                                  15.
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WordNet (r) 3.0 (2006):

smarting
    n 1: a kind of pain such as that caused by a wound or a burn or
         a sore [syn: smart, smarting, smartness]