[1] : The Collaborative International Dictionary of English v.0.48

bluenoser \blue"nos`er\; a nova scotian potato, etc.
   webster 1913 suppl. blue-pencil \blue-pencil\ v. t.
   to change, delete, or abridge a portion of a text with a
   blue pencil or as if with a blue pencil, as in the editing
   process; -- of books, etc.
   wordnet 1.5 +pjc

[2] : WordNet (r) 2.0

blue-pencil
     v : cut or eliminate; "she edited the juiciest scenes" syn: edit,
          delete
     also: blue-pencilling, blue-pencilled
see also:
edit delete blue-pencilling blue-pencilled 

Blue-Pencil >> B Words
Blue-Pencil, definition of term: Blue-Pencil
blue-pencil_pag1.html