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From The Collaborative International Dictionary of English v.0.48:
greasepaint \greasepaint\ n. 1. a greasy substance containing pigments, used as makeup by actors, clowns, and other entertainers; as, the smell of the greasepaint, the roar of the crowd. [WordNet 1.5 +PJC] 2. Theatrical makeup, generally. [PJC]