The Collaborative International Dictionary of English v.0.48:

Waft \Waft\, n.
   1. A wave or current of wind. "Everywaft of the air."
      --Longfellow.
      [1913 Webster]

            In this dire season, oft the whirlwind's wing
            Sweeps up the burden of whole wintry plains
            In one wide waft.                     --Thomson.
      [1913 Webster]

   2. A signal made by waving something, as a flag, in the air.
      [1913 Webster]

   3. An unpleasant flavor. [Obs.]
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   4. (Naut.) A knot, or stop, in the middle of a flag. [Written
      also wheft.]
      [1913 Webster]

   Note: A flag with a waft in it, when hoisted at the staff, or
         half way to the gaff, means, a man overboard; at the
         peak, a desire to communicate; at the masthead, "Recall
         boats."
         [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Waft \Waft\, v. t. [imp. & p. p. Wafted; p. pr. & vb. n.
   Wafting.] [Prob. originally imp. & p. p. of wave, v. t. See
   Wave to waver.]
   1. To give notice to by waving something; to wave the hand
      to; to beckon. [Obs.]
      [1913 Webster]

            But soft: who wafts us yonder?        --Shak.
      [1913 Webster]

   2. To cause to move or go in a wavy manner, or by the impulse
      of waves, as of water or air; to bear along on a buoyant
      medium; as, a balloon was wafted over the channel.
      [1913 Webster]

            A gentle wafting to immortal life.    --Milton.
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            Speed the soft intercourse from soul to soul,
            And waft a sigh from Indus to the pole. --Pope.
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   3. To cause to float; to keep from sinking; to buoy. [Obs.]
      --Sir T. Browne.
      [1913 Webster]

   Note: This verb is regular; but waft was formerly som?times
         used, as by Shakespeare, instead of wafted.
         [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Waft \Waft\, v. i.
   To be moved, or to pass, on a buoyant medium; to float.
   [1913 Webster]

         And now the shouts waft near the citadel. --Dryden.
   [1913 Webster]

WordNet (r) 3.0 (2006):

waft
    n 1: a long flag; often tapering [syn: pennant, pennon,
         streamer, waft]
    v 1: be driven or carried along, as by the air; "Sounds wafted
         into the room"
    2: blow gently; "A breeze wafted through the door"

Moby Thesaurus II by Grady Ward, 1.0:

87 Moby Thesaurus words for "waft":
   air express, airfreight, airlift, asportation, bear, bear up,
   bearing, blast, blow, blow a hurricane, blow great guns, blow over,
   blow up, bluster, breath, breath of air, breeze, breeze up, brew,
   buoy, buoy up, capful of wind, carriage, carry, carrying, cartage,
   come up, conduct, convey, conveyance, drayage, expressage,
   ferriage, flatus, float, float high, fly, freight, freightage,
   freshen, gather, haulage, hauling, hold up, huff, lift, lighterage,
   lug, lugging, manhandle, pack, packing, pipe up, portage,
   porterage, puff, puff of air, puff of wind, rage, railway express,
   ride high, set in, shipment, shipping, squall, stir of air, storm,
   sustain, take, telpherage, tote, toting, transport, transportation,
   transshipment, truckage, upbear, uphold, uplift, upraise, waftage,
   wagonage, whiff, whiffet, whiffle, whisk, wing