From The Collaborative International Dictionary of English v.0.48:
Shell \Shell\, v. t. [imp. & p. p. Shelled; p. pr. & vb. n. Shelling.] 1. To strip or break off the shell of; to take out of the shell, pod, etc.; as, to shell nuts or pease; to shell oysters. [1913 Webster]
2. To separate the kernels of (an ear of Indian corn, wheat, oats, etc.) from the cob, ear, or husk. [1913 Webster]
3. To throw shells or bombs upon or into; to bombard; as, to shell a town. [1913 Webster]
To shell out, to distribute freely; to bring out or pay, as money. [Colloq.] [1913 Webster]
From The Collaborative International Dictionary of English v.0.48:
Shelling \Shell"ing\, n. Groats; hulled oats. --Simmonds. [1913 Webster]