The Collaborative International Dictionary of English v.0.48:

Recoup \Re*coup"\, Recoupe \Re*coupe"\ (-k??p"), v. t. [F.
   recouper; pref. re- re- + couper to cut.]
   1. (Law) To keep back rightfully (a part), as if by cutting
      off, so as to diminish a sum due; to take off (a part)
      from damages; to deduct; as, where a landlord recouped the
      rent of premises from damages awarded to the plaintiff for
      eviction.
      [1913 Webster]

   2. To get an equivalent or compensation for; as, to recoup
      money lost at the gaming table; to recoup one's losses in
      the share market.
      [1913 Webster]

   3. To reimburse; to indemnify; -- often used reflexively and
      in the passive.
      [1913 Webster]

            Elizabeth had lost her venture; but if she was bold,
            she might recoup herself at Philip's cost. --Froude.
      [1913 Webster]

            Industry is sometimes recouped for a small price by
            extensive custom.                     --Duke of
                                                  Argyll.
      [1913 Webster]

WordNet (r) 3.0 (2006):

recoup
    v 1: reimburse or compensate (someone), as for a loss [syn:
         recoup, reimburse]
    2: regain or make up for; "recuperate one's losses" [syn:
       recover, recoup, recuperate]
    3: retain and refrain from disbursing; of payments; "My employer
       is withholding taxes" [syn: withhold, deduct, recoup]

Moby Thesaurus II by Grady Ward, 1.0:

60 Moby Thesaurus words for "recoup":
   atone, get back, kick back, make amends, make good,
   make reparation, make restitution, make up, make up for,
   make up to, pay back, pay in kind, quit, ransom, recapture,
   reclaim, reclaiming, reclamation, recompense, recoupment, recover,
   recovery, recruit, recuperate, recuperation, recycle, redeem,
   redemption, redress, refund, regain, regainment, reimburse,
   remunerate, renovate, reoccupation, reoccupy, repay, replevin,
   replevy, repossess, repossession, requite, rescue, restoration,
   restore, resume, resumption, retake, retaking, retrieval, retrieve,
   revindicate, revindication, revival, revive, salvage, take back,
   trover, win back