"repair (soemthing)" is correct I think, although there is a typo in either the definition or Thanatos' post. Depending on use and context there are other fairly similar meanings, but something like "自転車を直す" (jitensha wo naosu) would mean "fix[repair] a bicycle".
直す (なおす) means:
1: to cure; to heal;
2: to fix; to correct; to repair; (Auxiliary verb)
3: to do over again (after -masu base of verb);
4: to replace; to put back as it was;
5: to convert (into a different state); to transform