The Collaborative International Dictionary of English v.0.48:
Velleity \Vel*le"i*ty\, n. [F. vell['e]it['e] (cf. It. velleit[`a]), fr. L. velle to will, to be willing.] The lowest degree of desire; imperfect or incomplete volition. --Locke. [1913 Webster]WordNet (r) 3.0 (2006):
velleity n 1: a mere wish, unaccompanied by effort to obtain 2: volition in its weakest form