waft

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

• intransitive verb To cause to go gently and smoothly through the air or over water.
• intransitive verb To float easily and gently, as on the air; drift.
• noun Something, such as an odor, that is carried through the air.
• noun A light breeze; a rush of air.
• noun The act or action of fluttering or waving.
• noun Nautical A flag used for signaling or indicating wind direction.

from The Century Dictionary.

• To be moved or to pass in a buoyant medium; float.
• To bear through a fluid or buoyant medium; convey through or as through water or air.
• To buoy up; cause to float; keep from sinking.
• To give notice by something in motion; signal to, as by waving the hand; beckon.
• To cast lightly and quickly; turn.
• noun The act of one who or that which wafts; a sweep; a beckoning. Also spelled weft.
• noun That which is blown; a breath; a blast; a puff.
• noun A transient odor or effluvium.
• noun Nautical, a signal displayed from a ship by hoisting a flag rolled up length wise with one or more stops.

from the GNU version of the Collaborative International Dictionary of English.

• intransitive verb To be moved, or to pass, on a buoyant medium; to float.
• transitive verb obsolete To give notice to by waving something; to wave the hand to; to beckon.
• transitive verb To cause to move or go in a wavy manner, or by the impulse of waves, as of water or air; to bear along on a buoyant medium.
• transitive verb obsolete To cause to float; to keep from sinking; to buoy.
• noun A wave or current of wind.
• noun A signal made by waving something, as a flag, in the air.
• noun obsolete An unpleasant flavor.
• noun (Naut.) A knot, or stop, in the middle of a flag.

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

• verb ergative to cause to float easily or gently through the air
• noun A light breeze.
• noun Something (a scent or odor), such as a perfume, that is carried through the air.
• noun nautical A flag, (also called a waif or wheft), used to indicate wind direction or, with a knot tied in the center, as a signal.

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

• noun a long flag; often tapering
• verb be driven or carried along, as by the air
• verb blow gently