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From The Collaborative International Dictionary of English v.0.48:
Water \Wa"ter\, v. t. [imp. & p. p. Watered; p. pr. & vb. n. Watering.] [AS. w[ae]terian, gew[ae]terian.] [1913 Webster] 1. To wet or supply with water; to moisten; to overflow with water; to irrigate; as, to water land; to water flowers. [1913 Webster] With tears watering the ground. --Milton. [1913 Webster] Men whose lives gilded on like rivers that water the woodlands. --Longfellow. [1913 Webster] 2. To supply with water for drink; to cause or allow to drink; as, to water cattle and horses. [1913 Webster] 3. To wet and calender, as cloth, so as to impart to it a lustrous appearance in wavy lines; to diversify with wavelike lines; as, to water silk. Cf. Water, n., 6. [1913 Webster] 4. To add water to (anything), thereby extending the quantity or bulk while reducing the strength or quality; to extend; to dilute; to weaken. [1913 Webster] To water stock, to increase the capital stock of a company by issuing new stock, thus diminishing the value of the individual shares. Cf. Water, n., 7. [Brokers' Cant] [1913 Webster]