The Collaborative International Dictionary of English v.0.48:

Panel \Pan"el\, v. t. [imp. & p. p. Paneledor Panelled; p.
   pr. & vb. n. Paneling or Panelling.]
   To form in or with panels; as, to panel a wainscot.
   [1913 Webster]

   Paneled back (Arch.), the paneled work covering the window
      back. See Window back.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

paneling \pan"el*ing\ (p[a^]n"[e^]l*[i^]ng), n.
   1. The act or process of forming in panels or decorating with
      panels. [Written also panelling.]
      [1913 Webster]

   2. The panels which decorate the walls of a room.
      [PJC]

WordNet (r) 3.0 (2006):

paneling
    n 1: a panel or section of panels in a wall or door [syn:
         paneling, panelling, pane]

Moby Thesaurus II by Grady Ward, 1.0:

53 Moby Thesaurus words for "paneling":
   Formica, Masonite, beam, billet, board, boarding, clapboard, cord,
   cordwood, deal, driftwood, firewood, hardboard, hardwood,
   laminated wood, lath, lathing, lathwork, log, lumber, panelboard,
   panelwork, plank, planking, plasterboard, plyboard, plywood, pole,
   post, puncheon, shake, sheathing, sheathing board, sheeting,
   shingle, sideboard, siding, slab, slat, softwood, splat, stave,
   stick, stick of wood, stovewood, three-by-four, timber, timbering,
   timberwork, two-by-four, wallboard, weatherboard, wood