The Collaborative International Dictionary of English v.0.48:

Spellbind \Spell"bind`\, v. t. [imp. & p. p. Spellbound; p.
   pr. & vb. n. Spellbinding.]
   To bind or hold by, or as if by, a spell or charm; to
   entrance or fascinate, esp. by eloquence of speech, as in a
   political campaign. -- Spell"bind`er, n.
   [Webster 1913 Suppl.]

WordNet (r) 3.0 (2006):

spellbind
    v 1: to render motionless, as with a fixed stare or by arousing
         terror or awe; "The snake charmer fascinates the cobra"
         [syn: fascinate, transfix, grip, spellbind]
    2: attract strongly, as if with a magnet; "She magnetized the
       audience with her tricks" [syn: magnetize, mesmerize,
       mesmerise, magnetise, bewitch, spellbind]
    3: put into a trance [syn: entrance, spellbind]

Moby Thesaurus II by Grady Ward, 1.0:

50 Moby Thesaurus words for "spellbind":
   absorb, absorb the attention, arrest, becharm, beguile, bewitch,
   captivate, carry away, cast a spell, catch, catch up, charm,
   enchant, engage, engage the attention, engage the mind,
   engage the thoughts, engross, engross the mind,
   engross the thoughts, enrapture, enravish, enthrall, entrance,
   exercise, fascinate, grab, grip, hold, hold spellbound,
   hold the interest, hypnotize, immerse, infatuate, intrigue,
   involve, involve the interest, mesmerize, monopolize, obsess,
   occupy, occupy the attention, preoccupy, shine, spell, take up,
   trance, transport, vamp, witch