The Collaborative International Dictionary of English v.0.48:

Versatile \Ver"sa*tile\, a. [L. versatilis, fr. versare to turn
   around, v. freq. of vertere: cf. F. versatile. See Verse.]
   1. Capable of being turned round. --Harte.
      [1913 Webster]

   2. Liable to be turned in opinion; changeable; variable;
      unsteady; inconstant; as, a versatile disposition.
      [1913 Webster]

   3. Turning with ease from one thing to another; readily
      applied to a new task, or to various subjects; many-sided;
      as, versatile genius; a versatile politician.
      [1913 Webster]

            Conspicuous among the youths of high promise . . .
            was the quick and versatile [Charles] Montagu.
                                                  --Macaulay.
      [1913 Webster]

   4. (Nat. Hist.) Capable of turning; freely movable; as, a
      versatile anther, which is fixed at one point to the
      filament, and hence is very easily turned around; a
      versatile toe of a bird.
      [1913 Webster] -- Ver"sa*tile*ly, adv. -- --
      Ver"sa*tile*ness, n.
      [1913 Webster]

WordNet (r) 3.0 (2006):

versatile
    adj 1: having great diversity or variety; "his various
           achievements are impressive"; "his vast and versatile
           erudition" [syn: versatile, various]
    2: changeable or inconstant; "versatile moods"
    3: competent in many areas and able to turn with ease from one
       thing to another; "a versatile writer"
    4: able to move freely in all directions; "an owl's versatile
       toe can move backward and forward"; "an insect's versatile
       antennae can move up and down or laterally"; "a versatile
       anther of a flower moves freely in the wind"