From WordNet (r) 2.0 (August 2003) [wn]:
confetti
n : small pieces or streamers of colored paper that are thrown
around on festive occasions (as at a wedding)
From The Collaborative International Dictionary of English v.0.48 [gcide]:
Confetti \Con*fet"ti\, n. pl.; sing. -fetto. [It. Cf.
Comfit.]
1. Bonbons; sweetmeats; confections. [archaic]
[1913 Webster +PJC]
2. [originally, plaster or paper imitations of, or
substitutes for, bonbons (confetti[1]).] small bits or
streamers of brightly colored paper, thrown in celebration
by carnival revelers, at weddings, etc.
[Webster 1913 Suppl. +PJC] Confidant