The Collaborative International Dictionary of English v.0.48:

Exhilarate \Ex*hil"a*rate\, v. t. [imp. & p. p. Exhilarated;
   p. pr. & vb. n. Exilarating.] [L. exhilaratus, p. p. of
   exhilarare to gladden; ex out + hilarare to make merry,
   hilaris merry, cheerful. See Hilarious.]
   To make merry or jolly; to enliven; to animate; to gladden
   greatly; to cheer; as, good news exhilarates the mind; wine
   exhilarates a man.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Exhilarate \Ex*hil"a*rate\, v. i.
   To become joyous. [R.] --Bacon.
   [1913 Webster]

WordNet (r) 3.0 (2006):

exhilarate
    v 1: fill with sublime emotion; "The children were thrilled at
         the prospect of going to the movies"; "He was inebriated by
         his phenomenal success" [syn: exhilarate, tickle pink,
         inebriate, thrill, exalt, beatify]

Moby Thesaurus II by Grady Ward, 1.0:

96 Moby Thesaurus words for "exhilarate":
   amuse, animate, arouse, beguile, boost, brace, brace up, brighten,
   brisk, brisken, buck up, buoy, buoy up, cheer, chirk up, convulse,
   delight, divert, dynamize, electrify, embue, encourage, energize,
   enliven, entertain, excite, fillip, fire, fortify, fracture one,
   fresh up, freshen, freshen up, galvanize, give a lift, gladden,
   hearten, imbue, infect, inflame, inform, infuse, infuse life into,
   inject, inoculate, inspire, inspirit, invigorate, jazz up, kill,
   kindle, knock dead, lift, liven, loosen up, pep up, perk up,
   pick up, pique, provoke, quicken, raise a laugh, raise a smile,
   reanimate, recreate, refresh, refreshen, regale, reinvigorate,
   rejoice, rejoice the heart, relax, renew, resuscitate, revive,
   revivify, rouse, send, set up, sharpen, slay, snap up, solace,
   spirit, spirit up, stimulate, thrill, tickle, titillate, uplift,
   vitalize, vivify, warm, whet, wow, zip up