Definition of razee:
(v) :
(transitive, figurative) To trim or abridge by cutting off parts.
(n) :
(nautical) An armed ship with its upper deck cut away, and thus reduced to the next inferior rate, such as a seventy-four cut down to a frigate.
(v) :
(transitive, nautical) To cut (a ship) down to a smaller number of decks, and thus to an inferior rate or class.