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From The Collaborative International Dictionary of English v.0.48:
Gravy \Gra"vy\, n.; pl. Gravies. [OE. greavie; prob. fr. greaves, graves, the sediment of melted tallow. See Greaves.] 1. The juice or other liquid matter that drips from flesh in cooking, made into a dressing for the food when served up. [1913 Webster] 2. Liquid dressing for meat, fish, vegetables, etc. [1913 Webster]