A level

from The American Heritage® Dictionary of the English Language, 5th Edition.

• noun The later of two standardized tests in a secondary school subject, used as a qualification for entrance into a university.

from The Century Dictionary.

• noun A leveling instrument used for grading earth-work, leveling ditches, etc.

from Wiktionary, Creative Commons Attribution/Share-Alike License.

• noun A non-compulsory examination taken in the final two years in British high schools.
• noun In Internet prostitution, a euphemism for anal sex.

from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.

• noun the advanced level of a subject taken in school (usually two years after O level)