The Collaborative International Dictionary of English v.0.48:

nosegay \nose"gay`\, n. [Nose + gay in the sense of a gay or
   showy thing.]
   A bunch of odorous and showy flowers; a bouquet; a posy.
   --Pope.
   [1913 Webster]

WordNet (r) 3.0 (2006):

nosegay
    n 1: an arrangement of flowers that is usually given as a
         present [syn: bouquet, corsage, posy, nosegay]

Moby Thesaurus II by Grady Ward, 1.0:

47 Moby Thesaurus words for "nosegay":
   aroma, bale, balminess, bindle, bolt, boughpot, bouquet,
   boutonniere, budget, bundle, buttonhole, chaplet, corsage, deck,
   fagot, fardel, fasces, fascine, festoon, flower arrangement,
   fragrance, fragrancy, fruitiness, garland, incense, lei, muskiness,
   odor, pack, package, packet, parcel, perfume, posy, quiver,
   redolence, roll, rouleau, scent, sheaf, spice, spiciness, spray,
   sweet savor, sweet smell, truss, wreath