Source : Webster's Revised Unabridged Dictionary (1913)

Replace \Re*place"\ (r?-pl?s"), v. t. [Pref. re- + place: cf. F.
   replacer.]
   1. To place again; to restore to a former place, position,
      condition, or the like.

            The earl . . . was replaced in his government.
                                                  --Bacon.

   2. To refund; to repay; to restore; as, to replace a sum of
      money borrowed.

   3. To supply or substitute an equivalent for; as, to replace
      a lost document.

            With Israel, religion replaced morality. --M.
                                                  Arnold.

   4. To take the place of; to supply the want of; to fulfull
      the end or office of.

            This duty of right intention does not replace or
            supersede the duty of consideration.  --Whewell.

   5. To put in a new or different place.

   Note: The propriety of the use of replace instead of
         displace, supersede, take the place of, as in the third
         and fourth definitions, is often disputed on account of
         etymological discrepancy; but the use has been
         sanctioned by the practice of careful writers.

   {Replaced crystal} (Crystallog.), a crystal having one or
      more planes in the place of its edges or angles.

Source : WordNet®

replace
     v 1: substitute a person or thing for (another that is broken or
          inefficient or lost or no longer working or yielding
          what is expected); "He replaced the old razor blade";
          "We need to replace the secretary that left a month
          ago"; "the insurance will replace the lost income";
          "This antique vase can never be replaced"
     2: take the place or move into the position of; "Smith replaced
        Miller as CEO after Miller left"; "the computer has
        supplanted the slide rule"; "Mary replaced Susan as the
        team's captain and the highest-ranked player in the
        school" [syn: {supplant}, {supersede}, {supervene upon}]
     3: put in the place of another; switch seemingly equivalent
        items; "the con artist replaced the original with a fake
        Rembrandt"; "substitute regular milk with fat-free milk"
        [syn: {substitute}]
     4: put something back where it belongs; "replace the book on
        the shelf after you have finished reading it"; "please put
        the clean dishes back in the cabinet when you have washed
        them" [syn: {put back}]