Source : Webster's Revised Unabridged Dictionary (1913)

Privilege \Priv"i*lege\, n. [F. privil[`e]ge, L. privilegium an
   ordinance or law against or in favor of an individual; privus
   private + lex, legis, law. See {Private}, and {Legal}.]
   1. A peculiar benefit, advantage, or favor; a right or
      immunity not enjoyed by others or by all; special
      enjoyment of a good, or exemption from an evil or burden;
      a prerogative; advantage; franchise.

            He pleads the legal privilege of a Roman.
                                                  --Kettlewell.

            The privilege birthright was a double portion.
                                                  --Locke.

            A people inheriting privileges, franchises, and
            liberties.                            --Burke.

   2. (Stockbroker's Cant) See {Call}, {Put}, {Spread}, etc.

   {Breach of privilege}. See under {Breach}.

   {Question of privilege} (Parliamentary practice), a question
      which concerns the security of a member of a legislative
      body in his special privileges as such.

   {Water privilege}, the advantage of having machinery driven
      by a stream, or a place affording such advantage. [ U. S.]
      

   {Writ of privilege} (Law), a writ to deliver a privileged
      person from custody when arrested in a civil suit.
      --Blackstone.

   Syn: Prerogative; immunity; franchise; right; claim; liberty.

   Usage: {Privilege}, {Prerogative}. Privilege, among the
          Romans, was something conferred upon an individual by
          a private law; and hence, it denotes some peculiar
          benefit or advantage, some right or immunity, not
          enjoyed by the world at large. Prerogative, among the
          Romans, was the right of voting first; and, hence, it
          denotes a right of precedence, or of doing certain
          acts, or enjoying certain privileges, to the exclusion
          of others. It is the privilege of a member of Congress
          not to be called in question elsewhere for words
          uttered in debate. It is the prerogative of the
          president to nominate judges and executive officers.
          It is the privilege of a Christian child to be
          instructed in the true religion. It is the prerogative
          of a parent to govern and direct his children.

Privilege \Priv"i*lege\, v. t. [imp. & p. p. {Privileged}; p.
   pr. & vb. n. {Privileging}.] [Cf. F. privil['e]gier.]
   1. To grant some particular right or exemption to; to invest
      with a peculiar right or immunity; to authorize; as, to
      privilege representatives from arrest.

            To privilege dishonor in thy name.    --Shak.

   2. To bring or put into a condition of privilege or exemption
      from evil or danger; to exempt; to deliver.

            He took this place for sanctuary, And it shall
            privilege him from your hands.        --Shak.

Source : WordNet®

privilege
     n 1: a special advantage or immunity or benefit not enjoyed by
          all
     2: a right reserved exclusively by a particular person or group
        (especially a hereditary or official right); "suffrage was
        the prerogative of white adult males" [syn: {prerogative},
         {perquisite}, {exclusive right}]
     3: (law) the right to refuse to divulge information obtained in
        a confidential relationship

privilege
     v : bestow a privilege upon [syn: {favor}, {favour}]