The Collaborative International Dictionary of English v.0.48:

Imbibe \Im*bibe"\, v. t. [imp. & p. p. Imbibed; p. pr. & vb.
   n. Imbibing.] [L. imbibere; pref. im- in + bibere to drink:
   cf. F. imbiber. Cf. Bib, Imbue, Potable.]
   1. To drink in; to absorb; to soak up; to suck or take in; to
      receive as by drinking; as, a person imbibes drink, or a
      sponge imbibes moisture.
      [1913 Webster]

   2. To receive or absorb into the mind and retain; as, to
      imbibe principles; to imbibe errors.
      [1913 Webster]

   3. To saturate; to imbue. [Obs.] "Earth, imbibed with . . .
      acid." --Sir I. Newton.
      [1913 Webster]

WordNet (r) 3.0 (2006):

imbibing
    n 1: the act of consuming liquids [syn: drinking, imbibing,
         imbibition]