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.]
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   1. To wet or supply with water; to moisten; to overflow with
      water; to irrigate; as, to water land; to water flowers.
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            With tears watering the ground.       --Milton.
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            Men whose lives gilded on like rivers that water the
            woodlands.                            --Longfellow.
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   2. To supply with water for drink; to cause or allow to
      drink; as, to water cattle and horses.
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   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.
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   4. To add water to (anything), thereby extending the quantity
      or bulk while reducing the strength or quality; to extend;
      to dilute; to weaken.
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   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]
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