The Collaborative International Dictionary of English v.0.48:

Prophesy \Proph"e*sy\, v. t. [imp. & p. p. Prophesied; p. pr.
   & vb. n. Prophesying.] [See Prophecy.]
   1. To foretell; to predict; to prognosticate.
      [1913 Webster]

            He doth not prophesy good concerning me. --1 Kings
      xxii. 8.
      [1913 Webster]

            Then I perceive that will be verified
            Henry the Fifth did sometime prophesy. --Shak.
      [1913 Webster]

   2. To foreshow; to herald; to prefigure.
      [1913 Webster]

            Methought thy very gait did prophesy
            A royal nobleness; I must embrace thee. --Shak.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Prophesy \Proph"e*sy\, v. i.
   [1913 Webster]
   1. To utter predictions; to make declaration of events to
      come. --Matt. xv. 7.
      [1913 Webster]

   2. To give instruction in religious matters; to interpret or
      explain Scripture or religious subjects; to preach; to
      exhort; to expound. --Ezek. xxxvii. 7.
      [1913 Webster]

WordNet (r) 3.0 (2006):

prophesy
    v 1: predict or reveal through, or as if through, divine
         inspiration [syn: prophesy, vaticinate]
    2: deliver a sermon; "The minister is not preaching this Sunday"
       [syn: preach, prophesy]