The Collaborative International Dictionary of English v.0.48:

Gimlet \Gim"let\, v. t. [imp. & p. p. Gimleted; p. pr. & vb.
   n. Gimleting.]
   1. To pierce or make with a gimlet.
      [1913 Webster]

   2. (Naut.) To turn round (an anchor) by the stock, with a
      motion like turning a gimlet.
      [1913 Webster]