The Collaborative International Dictionary of English v.0.48:

Salivate \Sal"i*vate\, v. t. [imp. & p. p. Salivated; p. pr. &
   vb. n. Salivating.] [L. salivatus, p. p. of salivare to
   salivate. See Saliva.]
   To produce an abnormal flow of saliva in; to produce
   salivation or ptyalism in, as by the use of mercury.
   [1913 Webster]

WordNet (r) 3.0 (2006):

salivate
    v 1: produce saliva; "We salivated when he described the great
         meal"
    2: be envious, desirous, eager for, or extremely happy about
       something; "She was salivating over the raise she
       anticipated" [syn: salivate, drool]