The Collaborative International Dictionary of English v.0.48:

Spigot \Spig"ot\, n. [From spick,or spike; cf. Ir. & Gael.
   spiocaid a spigot, Ir. spice a spike. See Spike.]
   A pin or peg used to stop the vent in a cask; also, the plug
   of a faucet or cock.
   [1913 Webster]

   Spigot and faucet joint, a joint for uniting pipes, formed
      by the insertion of the end of one pipe, or pipe fitting,
      into a socket at the end of another.
      [1913 Webster]

WordNet (r) 3.0 (2006):

spigot
    n 1: a plug for a bunghole in a cask [syn: tap, spigot]
    2: a regulator for controlling the flow of a liquid from a
       reservoir [syn: faucet, spigot]