Has two meanings, both being 'nothing', but can be used in two senses; one being as an effect such as 'comes to naught', or as a quantity identifier meaning 'Zero'.
The use of naught is primarily used in British English, and seldom in North-American english (outside of Shakespeare). The most common usage in the game 'Naughts and Crosses', which is the European name for the American 'Tic-Tac-Toe'.