Meaning

• Something to play with, especially as intended for use by a child.

  "A grown man does not play with a child’s toy."

• A thing of little importance or value; a trifle.

• A simple, light piece of music, written especially for the virginal.

• Love play, amorous dalliance; fondling.

• A vague fancy, a ridiculous idea or notion; a whim.

• An inferior graffiti artist.

• An old story; a silly tale.

• A headdress of linen or wool that hangs down over the shoulders, worn by old women of the lower classes; called also toy mutch.

• A sex toy (object or device to give sexual pleasure).

Meaning

• To play (with) in an idle or desultory way.

  "Figo is toying with the English defence."

• To ponder or consider.

  "I have been toying with the idea of starting my own business."

• To stimulate with a sex toy.