The Collaborative International Dictionary of English v.0.48:

Bungee \Bun"gee\, n.
   1. (Aeronautics) a spring or other elastic device, especially
      one attached to a control to facilitate its manipulation.
      [PJC]

   2. same as bungee cord.
      [PJC]

WordNet (r) 3.0 (2006):

bungee
    n 1: an elasticized rope [syn: bungee, bungee cord]