Word 1: Salve (SAV, SAHV)
Meaning 1: A creamy substance that you put on a wound to heal it or to make it less painful.
Example Sentence: She applied a salve to soothe her sunburns.

Meaning 2: To ease the distress or agitation of; assuage.
Example Sentence: He feeds hungry children to salve his conscience.

Word 2: Save (SAYV)
Meaning 1: Prevent an opponent from scoring (a goal or point) in a game or from winning (the game).
Example Sentence: His power play saved him three match points.

Meaning 2: Keep safe or rescue (someone or something) from harm or danger.
Example Sentence: Many people were killed while saving the lives of innocent children.

Meaning 3: To put aside as a store or reserve.
Example Sentence: She saves something from her salary for rainy days.

Meaning 4: Avoid, lessen, or guard against.
Example Sentence: The washing machine saved the family from washing clothes by hand in the winters.

Meaning 5: To store (data) in a computer or on a storage device (as a floppy disk or CD).
Example Sentence: The data is saved and stored in different files.

Example Sentence using both words:
She saved the salve prescribed by the doctor to use later.