Wordnet 3.0
NOUN (2)
1. 
 a poet who is unofficially regarded as holding an honorary position in a particular group or region; 
- Example: "she is the poet laureate of all lyricists"- Example: "he is the poet laureate of Arkansas"2. 
 the poet officially appointed to the royal household in Great Britain; 
- Example: "the poet laureate is expected to provide poems for great national occasions"
The Collaborative International Dictionary of English v.0.48:
Poet \Po"et\, n. [F. po["e]te, L. po["e]ta, fr. Gr. ?, fr. ? to
   make. Cf. Poem.]
   One skilled in making poetry; one who has a particular genius
   for metrical composition; the author of a poem; an
   imaginative thinker or writer.
   [1913 Webster]
         The poet's eye, in a fine frenzy rolling,
         Doth glance from heaven to earth, from earth to heaven.
                                                  --Shak.
   [1913 Webster]
         A poet is a maker, as the word signifies. --Dryden.
   [1913 Webster]
   Poet laureate. See under Laureate.
      [1913 Webster]
The Collaborative International Dictionary of English v.0.48:
Laureate \Lau"re*ate\, a. [L. laureatus, fr. laurea laurel tree,
   fr. laureus of laurel, fr. laurus laurel: cf. F. laur['e]at.
   Cf. Laurel.]
   Crowned, or decked, with laurel. --Chaucer.
   [1913 Webster]
         To strew the laureate hearse where Lycid lies.
                                                  --Milton.
   [1913 Webster]
         Soft on her lap her laureate son reclines. --Pope.
   [1913 Webster]
   Poet laureate.
   (b) One who received an honorable degree in grammar,
       including poetry and rhetoric, at the English
       universities; -- so called as being presented with a
       wreath of laurel. [Obs.]
   (b) Formerly, an officer of the king's household, whose
       business was to compose an ode annually for the king's
       birthday, and other suitable occasions; now, a poet
       officially distinguished by such honorary title, the
       office being a sinecure. It is said this title was first
       given in the time of Edward IV. [Eng.]
   (c) A poet who has been publicly recognized as the most
       pre-eminent poet of a country or region; as, the poet
       laureate of the United States.
       [1913 Webster +PJC]
WordNet (r) 3.0 (2006):
poet laureate
    n 1: a poet who is unofficially regarded as holding an honorary
         position in a particular group or region; "she is the poet
         laureate of all lyricists"; "he is the poet laureate of
         Arkansas"
    2: the poet officially appointed to the royal household in Great
       Britain; "the poet laureate is expected to provide poems for
       great national occasions"