The Collaborative International Dictionary of English v.0.48:

greasepaint \greasepaint\ n.
   1. a greasy substance containing pigments, used as makeup by
      actors, clowns, and other entertainers; as, the smell of
      the greasepaint, the roar of the crowd.
      [WordNet 1.5 +PJC]

   2. Theatrical makeup, generally.
      [PJC]

WordNet (r) 3.0 (2006):

greasepaint
    n 1: a greasy substance used as makeup by actors

Moby Thesaurus II by Grady Ward, 1.0:

34 Moby Thesaurus words for "greasepaint":
   base, blackface, clown white, cold cream, compact, cosmetics,
   costume, drugstore complexion, eye shadow, eyebrow pencil,
   foundation, foundation cream, hand cream, hand lotion, lip rouge,
   lipstick, makeup, mascara, mudpack, nail polish, paint, powder,
   powder puff, practical piece, prop, property, puff, rouge, talcum,
   talcum powder, theatrical makeup, vanishing cream, vanity case,
   war paint