From The Collaborative International Dictionary of English v.0.44 [gcide]:
1. A saw for dividing timber lengthwise, usually set in a frame, and worked by two persons; also, a fret saw.
2. A kind of narrow ripsaw, tapering from butt to point, with hook teeth and averaging from 5 to 71/2 feet in length, used by one or two men. [Webster 1913 Suppl.]
From The Collaborative International Dictionary of English v.0.44 [gcide]:
Whipsaw \Whip"saw'\, verb (used with an object)
1. To saw with the whipsaw. [Webster 1913 Suppl.]
2. To defeat in, or cause to lose, two different bets at the same turn or in one play, as a player at faro who has made two bets at the same time, one that a card will lose and another that a different card will win; hence, to defeat in spite of every effort. [Webster 1913 Suppl.]
3. to cause to suffer a setback or losses by subjecting to two forces at the same time or in rapid succession; as, consumers were whipsawed by both inflation and higher sales taxes. [PJC]
4. (Finance) to cause to suffer a series of losses in trading when buying and selling at the wrong times in a rapidly fluctuating market; -- especially used when an attempt is made, by selling short, to recover losses from a long purchase in a declining market, and the short sale also results in a loss when the market subsequently rises. Used mostly in the passive; as, to be whipsawed by exaggerated responses to a changing outlook. [PJC]
From WordNet (r) 2.0 [wn]:
noun
1: a handsaw intended for use by two people [syn: {two-handed saw}]
verb
1: victimize, especially in gambling or negotiations
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