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2.
The colloquially British spelling of the word "honor", which is derived from the Latin "honor". Blame it on Their Majesties. It's Their English.
The spelling honour is some times used by people from countries outside Britain as well, if they are desperate to make the point that they are not American.
by Downstrike July 10, 2004
 
1.
Origin Latin "Honor"

1. high respect.

2. pride & pleasure from being shown respect.

3. a clear sense of what is morally right.

4. a person or thing that brings credit.

5. a thing conferred as distinction.

6. (honours) a course of degree studies more specialized than for an ordinary pass.

7. (His, Your, ect. Honour) a title of respect for a circuit judge.

8. bridge an ace, king, queen, jack or ten.

Verb. 1. regard with great respect.

2. pay public respect to.

3. to fulfill an obligation or keep an agreement.

4. grace; privilege
You honour me.

What an honour.

To do that would not be honourable.

To have this is such an honour!

This is such an honour.

I have heard that the honours program at the Simon Frasier University is quite difficult.

All rise in honour of Judge Bigbey?! Hey where is Harold?! He was suppose to be overseeing this one!

Honour!

It is an honour that you could be here.

Today we honour those who...

I hope that you will honour our agreement.

This is such and honour to have m'lord <insert name> here.
by Alex Pipe July 08, 2004
 
3.
What having a lockwolf gives you. Generally considered good.

Note that it is not the same as your standard honor, it is a very specialized type.
Oohh! I have a lockwolf! I'm so honoured!
by Packless May 31, 2007