The Collaborative International Dictionary of English v.0.48:

Exhilarate \Ex*hil"a*rate\, v. t. [imp. & p. p. Exhilarated;
   p. pr. & vb. n. Exilarating.] [L. exhilaratus, p. p. of
   exhilarare to gladden; ex out + hilarare to make merry,
   hilaris merry, cheerful. See Hilarious.]
   To make merry or jolly; to enliven; to animate; to gladden
   greatly; to cheer; as, good news exhilarates the mind; wine
   exhilarates a man.
   [1913 Webster]