According to my dictionary, here are some meanings:
To connect, disconnect (Switch dies when Cypher disconnects her mind from the Matrix)
A device for turning on and off or directing an electric current.
Turning, shifting, changing.
To turn, shift, direct.
To redirect; change direction or course. (This almost sounds like the Oracle's statement regarding the vase. Does she really predict the future, or rather, does her statements redirect/change the behavior of others so that the outcome is was she prophesized?)
At whatis.com, it mentions that in telecommumunications a "switch" refers to "a network device that selects a path or circuit for sending a unit of data to its next destination."