1
: moving or allowing movement in either direction
a two-way bridge
2
a
: involving or allowing an exchange between two individuals or groups
there must be good two-way communication—Jerrold Orne
especially
: designed for both sending and receiving messages
two-way radio
b
: involving mutual responsibility or reciprocal relationships
political alliance is a two-way thing—T. H. White †1986
3
a
: involving two participants
a two-way race
b
sports
: playing on both the offensive and defensive squads of a team (as in American football)
Frost, a throwback to the era of two-way players, is the Cardinal's starting free safety and backup quarterback.—The New York Times
also
: playing both offense and defense well
a basketball forward who's a talented two-way player
4
: usable in either of two manners
a two-way lamp
5
: being a cock or valve that will connect a pipe or channel with either of two others
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Merriam-Webster unabridged
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