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What does loophole mean?

Looking for the meaning or definition of the word loophole? Here's what it means.

Noun
  1. A method of escape, especially an ambiguity or exception in a rule that can be exploited in order to avoid its effect.
  2. A slit in a castle wall. Later: any similar window for shooting a weapon or letting in light.
Verb
  1. (military, transitive) To prepare a building for defense by preparing slits or holes through which to fire on attackers
  2. (transitive) To exploit (a law, etc.) by means of loopholes.
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