The Collaborative International Dictionary of English v.0.48:

skyrocket \sky"rock`et\ (sk[imac]"r[o^]k`[e^]t), v. i.
   To rise rapidly; -- usually used figuratively, as of prices.
   [PJC]

The Collaborative International Dictionary of English v.0.48:

skyrocket \sky"rock`et\ (sk[imac]"r[o^]k`[e^]t), n.
   A rocket that ascends high and burns as it flies; a species
   of fireworks.
   [1913 Webster]

WordNet (r) 3.0 (2006):

skyrocket
    n 1: propels bright light high in the sky, or used to propel a
         lifesaving line or harpoon [syn: rocket, skyrocket]
    2: sends a firework display high into the sky [syn: skyrocket,
       rocket]
    v 1: shoot up abruptly, like a rocket; "prices skyrocketed"
         [syn: rocket, skyrocket]

Moby Thesaurus II by Grady Ward, 1.0:

52 Moby Thesaurus words for "skyrocket":
   advance, ameliorate, amend, bob up, break water, climb, come along,
   come on, develop, float up, fly up, fountain, gain, gain ground,
   get ahead, get along, go ahead, go forward, graduate, grow better,
   gush, improve, jet, jump up, leap up, look up, make headway,
   make progress, make strides, meliorate, mend, perk up, pick up,
   pop up, progress, rocket, shape up, shoot up, show improvement,
   soar, spring up, spurt, start up, surface, take off, upleap,
   upshoot, upspear, upspring, upstart, vault up, vise