The Collaborative International Dictionary of English v.0.48:

Paraphrase \Par"a*phrase\, v. t. [imp. & p. p. Paraphrased; p.
   pr. & vb. n. Paraphrasing.]
   To express, interpret, or translate with latitude; to give
   the meaning of a passage in other language.
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         We are put to construe and paraphrase our own words.
                                                  --Bp.
                                                  Stillingfleet.
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The Collaborative International Dictionary of English v.0.48:

Paraphrase \Par"a*phrase\, v. i.
   To make a paraphrase.
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The Collaborative International Dictionary of English v.0.48:

Paraphrase \Par"a*phrase\ (p[a^]r"[.a]*fr[=a]z), n. [L.
   paraphrasis, Gr. para`frasis, from parafra`zein to say the
   same thing in other words; para` beside + fra`zein to speak:
   cf. F. paraphrase. See Para-, and Phrase.]
   A restatement of a text, passage, or work, expressing the
   meaning of the original in another form, generally for the
   sake of its clearer and fuller exposition; a setting forth
   the signification of a text in other and ampler terms; a free
   translation or rendering; -- opposed to metaphrase.
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         In paraphrase, or translation with latitude, the
         author's words are not so strictly followed as his
         sense.                                   --Dryden.
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         Excellent paraphrases of the Psalms of David. --I.
                                                  Disraeli.
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         His sermons a living paraphrase upon his practice.
                                                  --Sowth.
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         The Targums are also called the Chaldaic or Aramaic
         Paraphrases.                             --Shipley.
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WordNet (r) 3.0 (2006):

paraphrase
    n 1: rewording for the purpose of clarification [syn:
         paraphrase, paraphrasis]
    v 1: express the same message in different words [syn:
         paraphrase, rephrase, reword]

Moby Thesaurus II by Grady Ward, 1.0:

51 Moby Thesaurus words for "paraphrase":
   amplification, bilingual text, burlesque, clavis, copy, crib,
   decipherment, decoding, dummy, duplication, explain, explicate,
   facsimile, faithful translation, free translation, gloss, glossary,
   imitation, interlinear, interlinear translation, key, knockoff,
   loose translation, metaphrase, mock-up, model, paraphrasis, parody,
   pony, rehash, rendering, rendition, rephrase, rephrasing, replica,
   representation, reproduction, restate, restatement, reword,
   rewording, rewrite, rewriting, summarize, transcribe,
   transcription, translation, transliteration, travesty, trot,
   version