From BiblePortal Wikipedia

King James Dictionary [1]

Salu'Te, L. saluto salus or salvus.

1. To greet to hail to address with expressions of kind wishes.

If ye salute your brethren only, what do ye more than others?  Matthew 5 .

2. To please to gratify. Unusual. 3. To kiss. 4. In military and naval affairs, to honor some person or nation by a discharge of cannon or small arms, by striking colors, by shouts, &c.

Salu'Te, n.

1. The act of expressing kind wishes or respect salutation greeting. 2. A kiss. 3. In military affairs, a discharge of cannon or small arms in honor of some distinguished personage. A salute is sometimes performed by lowering the colors or beating the drums. The officers also salute each other by bowing their half pikes. 4. In the navy, a testimony of respect or deference rendered by the ships of one nation to the ships of another, or by ships of the same nation to a superior or equal. This is performed by a discharge of cannon, volleys of small arms, striking the colors or top-sails, or by shouts of the seamen mounted on the masts or rigging. When two squadrons meet, the two chiefs only are to exchange salutes.

Webster's Dictionary [2]

(1): ( v.) A sign, token, or ceremony, expressing good will, compliment, or respect, as a kiss, a bow, etc.

(2): ( v.) A token of respect or honor for some distinguished or official personage, for a foreign vessel or flag, or for some festival or event, as by presenting arms, by a discharge of cannon, volleys of small arms, dipping the colors or the topsails, etc.

(3): ( v. t.) To address, as with expressions of kind wishes and courtesy; to greet; to hail.

(4): ( v. t.) Hence, to give a sign of good will; to compliment by an act or ceremony, as a kiss, a bow, etc.

(5): ( v. t.) To honor, as some day, person, or nation, by a discharge of cannon or small arms, by dipping colors, by cheers, etc.

(6): ( v. t.) To promote the welfare and safety of; to benefit; to gratify.

(7): ( v.) The act of saluting, or expressing kind wishes or respect; salutation; greeting.

People's Dictionary of the Bible [3]

Salute,  Matthew 10:12; Salutation,  Luke 1:41. The salutations of the Jews were usually of a religious character—at least, in form—and were attended with much ceremony, as they are to this day among the orientals. Sometimes there was nothing but the simple exclamation, "The Lord be with you!" or "Peace be with you!" To this last and most common form striking allusion is made by our Saviour.  John 14:27;  John 20:19;  John 20:26. It passed into the epistolary salutation.  Romans 1:7, etc. The time occupied in the ceremonies of salutation, repeatedly bowing, kissing the beard, etc., was often very considerable,  Genesis 33:3-4, and hence the caution in  2 Kings 4:29;  Luke 10:4, against saluting.