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From The Collaborative International Dictionary of English v.0.48:
Watershoot \Wa"ter*shoot`\, n. 1. A sprig or shoot from the root or stock of a tree. [Obs.] [1913 Webster] 2. (Arch.) That which serves to guard from falling water; a drip or dripstone. [1913 Webster] 3. A trough for discharging water. [1913 Webster]