The Collaborative International Dictionary of English v.0.48:

Steep \Steep\, v. t. [imp. & p. p. Steeped (st[=e]pt); p. pr.
   & vb. n. Steeping.] [OE. stepen, probably fr. Icel. steypa
   to cause to stoop, cast down, pour out, to cast metals,
   causative of st[=u]pa to stoop; cf. Sw. st["o]pa to cast, to
   steep, Dan. st["o]be, D. & G. stippen to steep, to dip. Cf.
   Stoop, v. i.]
   To soak in a liquid; to macerate; to extract the essence of
   by soaking; as, to soften seed by steeping it in water. Often
   used figuratively.
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         Let fancy still my sense in Lethe steep. --Shak.
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         In refreshing dew to steep
         The little, trembling flowers.           --Wordsworth.
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         The learned of the nation were steeped in Latin.
                                                  --Earle.
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