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From The Collaborative International Dictionary of English v.0.48:
Waffle \Waffle\, n. [D. wafel. See Wafer.] 1. A thin cake baked and then rolled; a wafer. [1913 Webster] 2. A soft indented cake cooked in a waffle iron. [1913 Webster] Waffle iron, an iron utensil or mold made in two parts shutting together, -- used for cooking waffles over a fire. [1913 Webster]