According to the Websters dictionary it means to "inhale". But the Biblical definition is different,

  1. Tim 3:16 All Scripture is given by inspiration of God, and is profitable for doctrine, for reproof, for correction, for instruction in righteousness,

The word "inspiration" here is the Greek word, "theopneustos", which literally means "breathed out by God". To exhale.

The great scholar B.B. Warfield defined inspiration as, "a supernatural influence exerted on the sacred writers by the Spirit of god, by virtue of which their writings were given divine trustworthiness."