Source : Webster's Revised Unabridged Dictionary (1913)

Utilize \U"til*ize\, v. t. [imp. & p. p. {Utilized}; p. pr. &
   vb. n. {Utilizing}.] [Cf. F. utiliser.]
   To make useful; to turn to profitable account or use; to make
   use of; as, to utilize the whole power of a machine; to
   utilize one's opportunities.

         In former ages, the mile-long corridors, with their
         numerous alcoves, might have been utilized as . . .
         dungeons.                                --Hawthorne.

Source : WordNet®

utilize
     v 1: put into service; make work or employ (something) for a
          particular purpose or for its inherent or natural
          purpose; "use your head!"; "we only use Spanish at
          home"; "I can't make use of this tool"; "Apply a
          magnetic field here"; "This thinking was applied to many
          projects"; "How do you utilize this tool?"; "I apply
          this rule to get good results"; "use the plastic bags to
          store the food"; "He doesn't know how to use a computer"
          [syn: {use}, {utilise}, {apply}, {employ}]
     2: convert (from an investment trust to a unit trust)