The Collaborative International Dictionary of English v.0.48:

Possibility \Pos`si*bil"i*ty\, n.; pl. Possibilities. [F.
   possibilit['e], L. possibilitas.]
   1. The quality or state of being possible; the power of
      happening, being, or existing. "All possibility of error."
      --Hooker. "Latent possibilities of excellence." --Johnson.
      [1913 Webster]

   2. That which is possible; a contingency; a thing or event
      that may not happen; a contingent interest, as in real or
      personal estate. --South. Burrill.
      [1913 Webster]