v. Simple past tense and past participle of water.
The Century Dictionary and Cyclopedia
Marked with or exhibiting waved lines or bands bearing some resemblance to those which might be produced by the action of water. Also waved.
WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
adj. (of silk fabric) having a wavelike pattern
Word Usage
"But finding that compromise is growing more difficult by the day, candidates and advisers acknowledge, because liberals are resisting what they call a watered-down bill, while conservatives are winning by just saying no."