a Y -shaped stick with an elastic strip between the prongs for shooting stones and other small missiles.

1840–50, Americanism; sling1 + shot1 Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
slingshot (ˈslɪŋˌʃɒt)
1.  (US), (Canadian) Also called (in Britain and certain other countries): catapult a Y-shaped implement with a loop of elastic fastened to the ends of the two prongs, used mainly by children for shooting small stones, etc
2.  another name for sling

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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Computing Dictionary

Slingshot definition

networking, business, tool, product, protocol
CSK Software's real time financial server for the Internet.
Slingshot allows the delivery of real time market data across the Internet and private intranets quickly, cheaply and securely. The first beta-test version was released free to the Internet on 6 August 1996. Slingshot allows any financial institution, regardless of size, to publish their rates and associated information to a global audience using standard Internet protocols and software. The real-time data can be seamlessly integrated into any standard World-Wide Web application and thus combined with static text, database queries and even audio and video objects, to create services.
The Slingshot protocol enables the delivery of other forms of real time data over the Internet, thus making Slingshot useful in industries as varied as manufacturing, betting, telemetry, weather, transport and medicine.
Version 2's improved protocol minimises the required bandwidth and can go through firewalls, proxies, and virus scanners, making Slingshot real-time data accessible everywhere where normal web access is possible.
The Free On-line Dictionary of Computing, © Denis Howe 2010
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Example sentences
One of the surprises to come out this work is that planets are regularly kicked
  out of these systems by slingshot effects.
Ely and the rest of the canopy team ascend trees by using a slingshot to shoot
  a climbing line up into the trees.
Tying a long string to a rock, he aimed his slingshot and shot a hive high in a
  tree, well out of reach of immediate retaliation.
The slingshot that you launch the birds with was actually introduced fairly
  late in the process.
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