The Collaborative International Dictionary of English v.0.48:

Privilege \Priv"i*lege\, v. t. [imp. & p. p. Privileged; p.
   pr. & vb. n. Privileging.] [Cf. F. privil['e]gier.]
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   1. To grant some particular right or exemption to; to invest
      with a peculiar right or immunity; to authorize; as, to
      privilege representatives from arrest.
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            To privilege dishonor in thy name.    --Shak.
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   2. To bring or put into a condition of privilege or exemption
      from evil or danger; to exempt; to deliver.
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            He took this place for sanctuary, And it shall
            privilege him from your hands.        --Shak.
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