The Collaborative International Dictionary of English v.0.48:

Absolve \Ab*solve"\ (#; 277), v. t. [imp. & p. p. Absolved; p.
   pr. & vb. n. Absolving.] [L. absolvere to set free, to
   absolve; ab + solvere to loose. See Assoil, Solve.]
   1. To set free, or release, as from some obligation, debt, or
      responsibility, or from the consequences of guilt or such
      ties as it would be sin or guilt to violate; to pronounce
      free; as, to absolve a subject from his allegiance; to
      absolve an offender, which amounts to an acquittal and
      remission of his punishment.
      [1913 Webster]

            Halifax was absolved by a majority of fourteen.
                                                  --Macaulay.
      [1913 Webster]

   2. To free from a penalty; to pardon; to remit (a sin); --
      said of the sin or guilt.
      [1913 Webster]

            In his name I absolve your perjury.   --Gibbon.
      [1913 Webster]

   3. To finish; to accomplish. [Obs.]
      [1913 Webster]

            The work begun, how soon absolved.    --Milton.
      [1913 Webster]

   4. To resolve or explain. [Obs.] "We shall not absolve the
      doubt."                                     --Sir T.
                                                  Browne.
      [1913 Webster]

   Syn: To Absolve, Exonerate, Acquit.

   Usage: We speak of a man as absolved from something that
          binds his conscience, or involves the charge of
          wrongdoing; as, to absolve from allegiance or from the
          obligation of an oath, or a promise. We speak of a
          person as exonerated, when he is released from some
          burden which had rested upon him; as, to exonerate
          from suspicion, to exonerate from blame or odium. It
          implies a purely moral acquittal. We speak of a person
          as acquitted, when a decision has been made in his
          favor with reference to a specific charge, either by a
          jury or by disinterested persons; as, he was acquitted
          of all participation in the crime.
          [1913 Webster]

WordNet (r) 3.0 (2006):

absolve
    v 1: grant remission of a sin to; "The priest absolved him and
         told him to say ten Hail Mary's" [syn: shrive, absolve]
    2: let off the hook; "I absolve you from this responsibility"
       [syn: absolve, justify, free] [ant: blame, fault]

Moby Thesaurus II by Grady Ward, 1.0:

54 Moby Thesaurus words for "absolve":
   acquit, administer absolution, administer extreme unction, amnesty,
   cancel, clear, confess, declare a moratorium, decontaminate,
   destigmatize, discharge, dismiss, dispense, dispense from,
   dispense with, except, exculpate, excuse, exempt, exempt from,
   exonerate, forgive, free, give absolution, give dispensation from,
   grant amnesty to, grant forgiveness, grant immunity,
   grant remission, hear confession, justify, let go, let off,
   make confession, nonpros, nullify, obliterate, pardon, purge,
   quash the charge, receive absolution, release, relieve, remise,
   remit, save the necessity, set free, shrive, spare, vindicate,
   whitewash, wipe out, withdraw the charge, write off