The Collaborative International Dictionary of English v.0.48:

Graduated \Grad"u*a"ted\, a.
   1. Marked with, or divided into, degrees; divided into
      grades.
      [1913 Webster]

   2. (Zool.) Tapered; -- said of a bird's tail when the outer
      feathers are shortest, and the others successively longer.
      [1913 Webster]

   3. Having visible marks and numbers at vertical intervals,
      permitting one to estimate the quantitity of material
      contained; -- of vessels, most commonly those used in
      laboratories for containing liquids. See graduated
      cylinder, etc., below.
      [PJC]

   Graduated cylinder, Graduated flask, Graduated tube,
   Graduated bottle, Graduated cap, Graduated glass a
      vessel, usually of glass, having horizontal marks upon its
      sides, with figures, to indicate the amount of the
      contents at the several levels.

   Graduated spring (Railroads), a combination of metallic and
      rubber springs.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Graduate \Grad"u*ate\, v. t. [imp. & p. p. Graduatedp. pr. &
   vb. n. Graduating.] [Cf. F. graduer. See Graduate, n.,
   Grade.]
   [1913 Webster]
   1. To mark with degrees; to divide into regular steps,
      grades, or intervals, as the scale of a thermometer, a
      scheme of punishment or rewards, etc.
      [1913 Webster]

   2. To admit or elevate to a certain grade or degree; esp., in
      a college or university, to admit, at the close of the
      course, to an honorable standing defined by a diploma; as,
      he was graduated at Yale College.
      [1913 Webster]

   3. To prepare gradually; to arrange, temper, or modify by
      degrees or to a certain degree; to determine the degrees
      of; as, to graduate the heat of an oven.
      [1913 Webster]

            Dyers advance and graduate their colors with salts.
                                                  --Browne.
      [1913 Webster]

   4. (Chem.) To bring to a certain degree of consistency, by
      evaporation, as a fluid.
      [1913 Webster]

   Graduating engine, a dividing engine. See Dividing
      engine, under Dividing.
      [1913 Webster]

WordNet (r) 3.0 (2006):

graduated
    adj 1: marked with or divided into degrees; "a calibrated
           thermometer" [syn: calibrated, graduated]
    2: taking place by degrees [syn: gradational, gradatory,
       graduated]