having two cutting edges, as a razor blade.
capable of acting two ways or having opposite effects: a double-edged argument.

1545–55 Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
1.  acting in two ways; having a dual effect: a double-edged law
2.  (of a remark, argument, etc) having two possible interpretations, esp applicable both for and against or being really malicious though apparently innocuous
3.  (of a sword, knife, etc) having a cutting edge on either side of the blade

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Example sentences
Compelling pictures from a traceable source may also prove to be a double-edged
  sword for protesters.
Headlines about bishops chiding the government are also double-edged.
We both agreed that short-term capital flows are a double-edged sword, both
  positive and negative.
Degrease then gently bolt together a stack of new double-edged razor blades.
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