A stone of a fine grit, or a slab, as of metal, covered with an abrading substance or powder, used for sharpening cutting instruments, and especially for setting razors; an oilstone. Tusser. [1913 Webster]

1.  To sharpen on, or with, a hone; to rub on a hone in order to sharpen; as, to hone a razor. [1913 Webster]

2.  to render more precise or more effective; as, to hone one's skills. [PJC]

hone, n. & v.
--n.
1 a whetstone, esp. for razors.
2 any of various stones used as material for this.
--v.tr. sharpen on or as on a hone.

Etymology:
OE han stone f. Gmc

N  sharpness, acuity, acumination, spinosity, point, spike, spine, spicule, spiculum, needle, hypodermic needle, tack, nail, pin, prick, prickle, spur, rowel, barb, spit, cusp, horn, antler, snag, tag thorn, bristle, Adam's needle, bear grass, tine, yucca, nib, tooth, tusk, spoke, cog, ratchet, crag, crest, arete, cone peak, sugar loaf, pike, aiguille, spire, pyramid, steeple, beard, chevaux de frise, porcupine, hedgehog, brier, bramble, thistle, comb, awn, beggar's lice, bur, burr, catchweed, cleavers, clivers, goose, grass, hairif, hariff, flax comb, hackle, hatchel, heckle, wedge, knife edge, cutting edge, blade, edge tool, cutlery, knife, penknife, whittle, razor, razor blade, safety razor, straight razor, electric razor, scalpel, bistoury, lancet, plowshare, coulter, colter, hatchet, ax, pickax, mattock, pick, adze, gill, billhook, cleaver, cutter, scythe, sickle, scissors, shears, pruning shears, cutters, wire cutters, nail clipper, paper cutter, sword, bodkin, belduque, bowie knife, paring knife, bushwhacker, drawing knife, drawing shave, microtome, chisel, screwdriver blade, flint blade, guillotine, sharpener, hone, strop, grindstone, whetstone, novaculite, steel, emery, sharp, keen, acute, acicular, aciform, aculeated, acuminated, pointed, tapering, conical, pyramidal, mucronate, mucronated, spindle shaped, needle shaped, spiked, spiky, ensiform, peaked, salient, cusped, cuspidate, cuspidated, cornute, cornuted, cornicultate, prickly, spiny, spinous, spicular, thorny, bristling, muricated, pectinated, studded, thistly, briary, craggy, snaggy, digitated, two-edged, fusiform, dentiform, denticulated, toothed, odontoid, starlike, stellated, stelliform, sagittate, sagittiform, arrowheaded, arrowy, barbed, spurred, acinaciform, apiculate, apiculated, aristate, awned, awny, bearded, calamiform, cone-shaped, coniform, crestate, echinate, gladiate, lanceolate, lanciform, awl, awl-shaped, lance-shaped, awl- shaped, scimitar-shaped, sword-shaped, setarious, spinuliferous, subulate, tetrahedral, xiphoid, cutting, sharp edged, knife edged, sharp as a razor, keen as a razor, sharp as a needle, sharp as a tack, sharpened, set.