slake [sleɪk] v. t.
1.) To allay; to quench; to extinguish; as, to slake thirst.
2.) To mix with water, so that a true chemical combination shall take place; to slack; as, to slake lime.
slake v. i.
1.) To go out; to become extinct.
2.) To abate; to become less decided.
3.) To slacken; to become relaxed.
4.) To become mixed with water, so that a true chemical combination takes place; as, the lime slakes (GNU Collaborative International Dictionary of English).
Etymology: Middle English slaken, to abate, from Old English slacian, from slæc, slack, sluggish.
"With throats unslaked, with black lips baked,
We could not laugh nor wail;
Through utter drought all dumb we stood!
I bit my arm, I sucked the blood,
And cried, A sail! a sail!
With throats unslaked, with black lips baked,
Agape they heard me call:
Gramercy! they for joy did grin,
And all at once their breath drew in,
As they were drinking all." (The Rime of the Ancyent Marinere, Samuel Taylor Coleridge, 1798).
I figured the pronunciation was fairly self-explanatory on this one. Thanks for reading!