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From The Collaborative International Dictionary of English v.0.48:
Waistcloth \Waist"cloth\, n. 1. A cloth or wrapper worn about the waist; by extension, such a garment worn about the hips and passing between the thighs. [1913 Webster] 2. (Naut.) A covering of canvas or tarpaulin for the hammocks, stowed on the nettings, between the quarterdeck and the forecastle. [1913 Webster]