The Collaborative International Dictionary of English v.0.48:

Interleave \In`ter*leave"\, v. t. [imp. & p. p. Interleaved;
   p. pr. & vb. n. Interleaving.] [Pref. inter- + leaf.]
   1. To insert a leaf or leaves in; to bind with blank leaves
      inserted between the others; as, to interleave a book.
      [1913 Webster]

   2. Hence: To insert something alternately between the parts
      of; as, to interleave transparencies with the
      corresponding pages.
      [PJC]