The Collaborative International Dictionary of English v.0.48:

Electrolyze \E*lec"tro*lyze\, v. t. [imp. & p. p.
   Electrolyzed; p. pr. & vb. n. Electrolyzing.] [Cf. F.
   ['e]lectrolyser. See Electrolysis.]
   1. To decompose by the direct action of electricity.
      --Faraday.
      [1913 Webster]

   2. [See Electrolysis.] To subject to electrolysis. --
      E*lec`tro*ly*za"tion, n.
      [Webster 1913 Suppl.]