Definition: Namaste, Namaskar

In short: The gesture Namaste represents the belief that there is a Divine spark within each of us that is located in the heart chakra. The gesture is an acknowledgment of the soul in one by the soul in another. "Nama" means bow, "as" means I, and "te" means you. Therefore, Namaste literally means "bow me you" or "I bow to you."

At Length:

• One of the best interpretations yet that I've come across.
  
• Of course, the Wiki

Also: "I honor the place in you in which the entire Universe dwells, I honor the place in you which is of Love, of Integrity, of Wisdom and of Peace. When you are in that place in you, and I am in that place in me, we are One."