The Collaborative International Dictionary of English v.0.48:

Baccalaureate \Bac"ca*lau"re*ate\, n. [NL. baccalaureatus, fr.
   LL. baccalaureus a bachelor of arts, fr. baccalarius, but as
   if fr. L. bacca lauri bayberry, from the practice of the
   bachelor's wearing a garland of bayberries. See Bachelor.]
   1. The degree of bachelor of arts (B.A. or A.B.), the first
      or lowest academical degree conferred by universities and
      colleges.
      [1913 Webster]

   2. A baccalaureate sermon. [U.S.]
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Baccalaureate \Bac`ca*lau"re*ate\, a.
   Pertaining to a bachelor of arts.
   [1913 Webster]

   Baccalaureate sermon, in some American colleges, a sermon
      delivered as a farewell discourse to a graduating class.
      [1913 Webster] Baccara

WordNet (r) 3.0 (2006):

baccalaureate
    n 1: a farewell sermon to a graduating class at their
         commencement ceremonies
    2: an academic degree conferred on someone who has successfully
       completed undergraduate studies [syn: bachelor's degree,
       baccalaureate]