The Collaborative International Dictionary of English v.0.48:

Replace \Re*place"\ (r?-pl?s"), v. t. [Pref. re- + place: cf. F.
   replacer.]
   1. To place again; to restore to a former place, position,
      condition, or the like.
      [1913 Webster]

            The earl . . . was replaced in his government.
                                                  --Bacon.
      [1913 Webster]

   2. To refund; to repay; to restore; as, to replace a sum of
      money borrowed.
      [1913 Webster]

   3. To supply or substitute an equivalent for; as, to replace
      a lost document.
      [1913 Webster]

            With Israel, religion replaced morality. --M.
                                                  Arnold.
      [1913 Webster]

   4. To take the place of; to supply the want of; to fulfull
      the end or office of.
      [1913 Webster]

            This duty of right intention does not replace or
            supersede the duty of consideration.  --Whewell.
      [1913 Webster]

   5. To put in a new or different place.
      [1913 Webster]

   Note: The propriety of the use of replace instead of
         displace, supersede, take the place of, as in the third
         and fourth definitions, is often disputed on account of
         etymological discrepancy; but the use has been
         sanctioned by the practice of careful writers.
         [1913 Webster]

   Replaced crystal (Crystallog.), a crystal having one or
      more planes in the place of its edges or angles.
      [1913 Webster]

WordNet (r) 3.0 (2006):

replace
    v 1: substitute a person or thing for (another that is broken or
         inefficient or lost or no longer working or yielding what
         is expected); "He replaced the old razor blade"; "We need
         to replace the secretary that left a month ago"; "the
         insurance will replace the lost income"; "This antique vase
         can never be replaced"
    2: take the place or move into the position of; "Smith replaced
       Miller as CEO after Miller left"; "the computer has
       supplanted the slide rule"; "Mary replaced Susan as the
       team's captain and the highest-ranked player in the school"
       [syn: supplant, replace, supersede, supervene upon,
       supercede]
    3: put something back where it belongs; "replace the book on the
       shelf after you have finished reading it"; "please put the
       clean dishes back in the cabinet when you have washed them"
       [syn: replace, put back]
    4: put in the place of another; switch seemingly equivalent
       items; "the con artist replaced the original with a fake
       Rembrandt"; "substitute regular milk with fat-free milk";
       "synonyms can be interchanged without a changing the
       context's meaning" [syn: substitute, replace,
       interchange, exchange]

Moby Thesaurus II by Grady Ward, 1.0:

113 Moby Thesaurus words for "replace":
   act for, alter, attend, boot, bounce, break, bump, bust, can,
   cashier, change, change places with, come after, crowd out,
   cut out, defrock, degrade, demote, deplume, depose, deprive,
   disbar, discharge, disemploy, dismiss, displace, displume,
   double for, drum out, emanate, ensue, expel, fill in for, fire,
   follow after, follow up, furlough, ghost, ghostwrite, give back,
   give the ax, give the gate, go after, issue, kick, kick upstairs,
   lay off, let go, let out, make redundant, overtake, pension off,
   pinch-hit, place in, put back, reactivate, read out of,
   reconstitute, reconvert, recoup, recover, recruit, reenact,
   reestablish, refill, reform, refund, regain, rehabilitate,
   reinstall, reinstate, reinstitute, reintegrate, reinvest, release,
   relieve, remove, renew, repay, replenish, represent, restitute,
   restore, result, retire, retrieve, return, revest, sack,
   separate forcibly, shift, spell, spell off, stand in for, strip,
   subrogate, substitute, substitute for, succeed, superannuate,
   supersede, supervene, supplant, surplus, suspend, swap places with,
   take back, track, trail, turn off, turn out, understudy for,
   unfrock