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Freebase(0.00 / 0 votes)Rate this definition: Billet. A billet is a term for living quarters to which a soldier is assigned to sleep. Historically, it referred to a private dwelling that was required to accept the soldier.
Billet is a term used by the materials industry that basically describes a big hunk of metal. Crankshafts are sometimes machined from a steel billet, which is a large cylinder. It's not forged, it's hot roll formed. Same for aluminum billet.