The Collaborative International Dictionary of English v.0.48:

Hyperbolize \Hy*per"bo*lize\, v. i. [imp. & p. p.
   Hyperbolized; p. pr. & vb. n. Hyperbolizing.] [Cf. F.
   hyperboliser.]
   To speak or write with exaggeration. --Bp. Montagu.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Hyperbolize \Hy*per"bo*lize\, v. t.
   To state or represent hyperbolically. --Fotherby.
   [1913 Webster]

WordNet (r) 3.0 (2006):

hyperbolize
    v 1: to enlarge beyond bounds or the truth; "tended to
         romanticize and exaggerate this `gracious Old South'
         imagery" [syn: overstate, exaggerate, overdraw,
         hyperbolize, hyperbolise, magnify, amplify] [ant:
         downplay, minimise, minimize, understate]