To store; to put by.
We must lay up enough stores to get us through the winter.
To disable or incapacitate; to confine to bed.
He was laid up for six weeks with pneumonia.
To take out of active service.
The battleship is presently laid up in Portsmouth Harbour.
To go out of active service.
The cruise ship lays up in November for the winter.
To make a layup with (a basketball)
He takes the pass, he drives, he lays it up and in.
Deliberately to leave the ball further than necessary from the hole, so as to secure an easier succeeding shot.
Rather than try to reach the green, he chose to lay up.