From The Collaborative International Dictionary of English v.0.48:
Slake \Slake\, v. t. [imp. & p. p. Slaked; p. pr. & vb. n. Slaking.] [OE. slaken to render slack, to slake, AS. sleacian, fr. sleac slack. See Slack, v. & a.] 1. To allay; to quench; to extinguish; as, to slake thirst. "And slake the heavenly fire." --Spenser. [1913 Webster]
It could not slake mine ire nor ease my heart. --Shak. [1913 Webster]
2. To mix with water, so that a true chemical combination shall take place; to slack; as, to slake lime. [1913 Webster]
From The Collaborative International Dictionary of English v.0.48:
Slake \Slake\, v. i. 1. To go out; to become extinct. "His flame did slake." --Sir T. Browne. [1913 Webster]
2. To abate; to become less decided. [R.] --Shak. [1913 Webster]
3. To slacken; to become relaxed. "When the body's strongest sinews slake." [R.] --Sir J. Davies. [1913 Webster]
4. To become mixed with water, so that a true chemical combination takes place; as, the lime slakes. [1913 Webster]
Slake trough, a trough containing water in which a blacksmith cools a forging or tool. [1913 Webster]