Source : Webster's Revised Unabridged Dictionary (1913)

Celebrate \Cel"e*brate\, v. t. [imp. & p. p. {Celebrated}; p.
   pr. & vb. n. {Celebrating}.] [L. celebratus, p. p. of
   celebrare to frequent, to celebrate, fr. celeber famous.]
   1. To extol or honor in a solemn manner; as, to celebrate the
      name of the Most High.

   2. To honor by solemn rites, by ceremonies of joy and
      respect, or by refraining from ordinary business; to
      observe duly; to keep; as, to celebrate a birthday.

            From even unto even shall ye celebrate your Sabbath.
                                                  --Lev. xxiii.
                                                  32.

   3. To perform or participate in, as a sacrament or solemn
      rite; to solemnize; to perform with appropriate rites; as,
      to celebrate a marriage.

   Syn: To commemorate; distinguish; honor.

   Usage: To {Celebrate}, {Commemorate}. We commemorate events
          which we desire to keep in remembrance, when we recall
          them by some special observace; as, to commemorate the
          death of our Savior. We celebrate by demonstrations of
          joy or solemnity or by appropriate ceremonies; as, to
          celebrate the birthday of our Independence.

                We are called upon to commemorate a revolution
                as surprising in its manner as happy in its
                consequences.                     --Atterbury.

                Earth, water, air, and fire, with feeling glee,
                Exult to celebrate thy festival.  --Thomson.

Source : WordNet®

celebrate
     v 1: celebrate, as of holidays or rites; "Keep the commandments";
          "celebrate Christmas"; "Observe Yom Kippur" [syn: {observe},
           {keep}]
     2: have a celebration; "They were feting the patriarch of the
        family"; "After the exam, the students were celebrating"
        [syn: {fete}]
     3: assign great social importance to; "The film director was
        celebrated all over Hollywood"; "The tenor was lionized in
        Vienna" [syn: {lionize}, {lionise}]