The Collaborative International Dictionary of English v.0.48:
Belay \Be*lay"\, v. t. [imp. & p. p. Belaid, Belayed; p. pr.
& vb. n. Belaying.] [For senses 1 & 2, D. beleggen to
cover, belay; akin to E. pref. be-, and lay to place: for
sense 3, OE. beleggen, AS. belecgan. See pref. Be-, and
Lay to place.]
1. To lay on or cover; to adorn. [Obs.]
Jacket . . . belayed with silver lace. --Spenser.
2. (Naut.) To make fast, as a rope, by taking several turns
with it round a pin, cleat, or kevel. --Totten.
3. To lie in wait for with a view to assault. Hence: to block
up or obstruct. [Obs.] --Dryden.
Belay thee! Stop.