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]

The Collaborative International Dictionary of English v.0.48:

exhilarated \exhilarated\ adj.
   elated, in high spirits, and envigorated. Opposite of
   dejected.

   Syn: gladdened, happy.
        [WordNet 1.5]

WordNet (r) 3.0 (2006):

exhilarated
    adj 1: made joyful; "the sun and the wind on his back made him
           feel exhilarated--happy to be alive" [syn: gladdened,
           exhilarated]

Moby Thesaurus II by Grady Ward, 1.0:

96 Moby Thesaurus words for "exhilarated":
   agog, animated, aquiver, aroused, atingle, atwitter, beaming,
   blithe, blithesome, bright, bright and sunny, bursting,
   carried away, charmed, cheerful, cheery, comfortable, content,
   contented, cozy, delighted, easy, ebullient, effervescent, elated,
   energized, eupeptic, euphoric, exalted, excited,
   favorably impressed with, fired, flushed, genial, glad, gladsome,
   glowing, gratified, happy, high, hopeful, hopped up, impassioned,
   in clover, in good spirits, in high spirits, inflamed, intrigued,
   invigorated, irrepressible, keyed up, lathered up, laughing, manic,
   moved, of good cheer, optimistic, pleasant, pleased,
   pleased as Punch, pleased with, radiant, ready to burst,
   reanimated, recharged, recreated, refreshed, renewed, revived,
   riant, rosy, roused, sanguine, sanguineous, satisfied, smiling,
   sold on, sparkling, steamed up, stimulated, stirred, stirred up,
   sunny, taken with, thrilled, tickled, tickled pink,
   tickled to death, tingling, tingly, turned-on, whipped up, winsome,
   worked up, wrought up, yeasty