The Collaborative International Dictionary of English v.0.48:

homogenize \homogenize\ v. t.
   1. To blend (a collection of unlike elements) together so as
      to make the whole uniform in character, composition, or
      function.
      [PJC]

   2. Specifically: To blend separated liquids together so as to
      form a uniform emulsion which does not separate out into
      its original constituents on standing; -- used especially
      of milk; as, most milk sold in cartons is pasteurized and
      homogenized.
      [PJC]

WordNet (r) 3.0 (2006):

homogenize
    v 1: cause to become equal or homogeneous as by mixing;
         "homogenize the main ingredients" [syn: homogenize,
         homogenise]
    2: break up the fat globules of; "homogenized milk" [syn:
       homogenize, homogenise] [ant: clabber, clot,
       curdle]
    3: become homogeneous or similar, as by mixing; "The two liquids
       homogenized in the blender" [syn: homogenize, homogenise]
       [ant: clabber, clot, curdle]

Moby Thesaurus II by Grady Ward, 1.0:

59 Moby Thesaurus words for "homogenize":
   admix, alloy, amalgamate, assimilate to, balance, bemingle, blend,
   coalesce, combine, commingle, commix, compose, compound, concoct,
   conglomerate, damp, emulsify, equalize, equilibrize, even, flatten,
   fuse, harmonize, hash, immingle, immix, integrate, interblend,
   interlace, interlard, intermingle, intermix, intertwine,
   interweave, jumble, knead, level, make uniform, merge, mingle,
   mingle-mangle, mix, mix up, normalize, regularize, regulate,
   scramble, shuffle, smooth, stabilize, standardize, stereotype,
   stir up, symmetrize, syncretize, throw together, toss together,
   uniformize, work