The Collaborative International Dictionary of English v.0.48:

Correct \Cor*rect"\, v. t. [imp. & p. p. Corrected; p. pr. &
   vb. n. Correcting.]
   1. To make right; to bring to the standard of truth, justice,
      or propriety; to rectify; as, to correct manners or
      principles.
      [1913 Webster]

            This is a defect in the first make of some men's
            minds which can scarce ever be corrected afterwards.
                                                  --T. Burnet.
      [1913 Webster]

   2. To remove or retrench the faults or errors of; to amend;
      to set right; as, to correct the proof (that is, to mark
      upon the margin the changes to be made, or to make in the
      type the changes so marked).
      [1913 Webster]

   3. To bring back, or attempt to bring back, to propriety in
      morals; to reprove or punish for faults or deviations from
      moral rectitude; to chastise; to discipline; as, a child
      should be corrected for lying.
      [1913 Webster]

            My accuser is my 'prentice; and when I did correct
            him for his fault the other day, he did vow upon his
            knees he would be even with me.       --Shak.
      [1913 Webster]

   4. To counteract the qualities of one thing by those of
      another; -- said of whatever is wrong or injurious; as, to
      correct the acidity of the stomach by alkaline
      preparations.

   Syn: To amend; rectify; emend; reform; improve; chastise;
        punish; discipline; chasten. See Amend.
        [1913 Webster] Correctible

The Collaborative International Dictionary of English v.0.48:

correcting \correcting\ n.
   the act of offering an improvement to replace a mistake.

   Syn: correction, rectification.
        [WordNet 1.5]