1. noun /ˈlɪkwɪd/
a) A substance that is flowing, and keeping no shape, such as water; a substance of which the molecules, while not tending to separate from one another like those of a gas, readily change their relative position, and which therefore retains no definite shape, except that determined by the containing receptacle; an inelastic fluid.
A liquid can freeze to become a solid or evaporate into a gas.
b) An l or r sound.
2. adjective /ˈlɪkwɪd/
a) Flowing freely like water; fluid; not solid and not gaseous; composed of particles that move freely among each other on the slightest pressure.
liquid nitrogen
b) Easily sold or disposed of without losing value.
Wikipedia foundation.