The Collaborative International Dictionary of English v.0.48:

Salvage \Sal"vage\ (?; 48), n. [F. salvage, OF. salver to save,
   F. sauver, fr. L. salvare. See Save.]
   1. The act of saving a vessel, goods, or life, from perils of
      the sea.
      [1913 Webster]

            Salvage of life from a British ship, or a foreign
            ship in British waters, ranks before salvage of
            goods.                                --Encyc. Brit.
      [1913 Webster]

   2. (Maritime Law)
      (a) The compensation allowed to persons who voluntarily
          assist in saving a ship or her cargo from peril.
      (b) That part of the property that survives the peril and
          is saved. --Kent. Abbot.
          [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Salvage \Sal"vage\, a. & n.
   Savage. [Obs.] --Spenser.
   [1913 Webster]

WordNet (r) 3.0 (2006):

salvage
    n 1: property or goods saved from damage or destruction
    2: the act of saving goods or property that were in danger of
       damage or destruction
    3: the act of rescuing a ship or its crew or its cargo from a
       shipwreck or a fire
    v 1: save from ruin, destruction, or harm [syn: salvage,
         salve, relieve, save]
    2: collect discarded or refused material; "She scavenged the
       garbage cans for food" [syn: salvage, scavenge]