The Collaborative International Dictionary of English v.0.48:

Celebrate \Cel"e*brate\, v. t. [imp. & p. p. Celebrated; p.
   pr. & vb. n. Celebrating.] [L. celebratus, p. p. of
   celebrare to frequent, to celebrate, fr. celeber famous.]
   1. To extol or honor in a solemn manner; as, to celebrate the
      name of the Most High.
      [1913 Webster]

   2. To honor by solemn rites, by ceremonies of joy and
      respect, or by refraining from ordinary business; to
      observe duly; to keep; as, to celebrate a birthday.
      [1913 Webster]

            From even unto even shall ye celebrate your Sabbath.
                                                  --Lev. xxiii.
                                                  32.
      [1913 Webster]

   3. To perform or participate in, as a sacrament or solemn
      rite; to solemnize; to perform with appropriate rites; as,
      to celebrate a marriage.

   Syn: To commemorate; distinguish; honor.

   Usage: To Celebrate, Commemorate. We commemorate events
          which we desire to keep in remembrance, when we recall
          them by some special observace; as, to commemorate the
          death of our Savior. We celebrate by demonstrations of
          joy or solemnity or by appropriate ceremonies; as, to
          celebrate the birthday of our Independence.
          [1913 Webster]

                We are called upon to commemorate a revolution
                as surprising in its manner as happy in its
                consequences.                     --Atterbury.
          [1913 Webster]

                Earth, water, air, and fire, with feeling glee,
                Exult to celebrate thy festival.  --Thomson.
          [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Celebrated \Cel"e*bra`ted\, a.
   Having celebrity; distinguished; renowned.
   [1913 Webster]

         Celebrated for the politeness of his manners.
                                                  --Macaulay.

   Syn: Distinguished; famous; noted; famed; renowned;
        illustrious. See Distinguished.
        [1913 Webster]

WordNet (r) 3.0 (2006):

celebrated
    adj 1: widely known and esteemed; "a famous actor"; "a
           celebrated musician"; "a famed scientist"; "an
           illustrious judge"; "a notable historian"; "a renowned
           painter" [syn: celebrated, famed, far-famed,
           famous, illustrious, notable, noted, renowned]
    2: having an illustrious past [syn: celebrated, historied,
       storied]

Moby Thesaurus II by Grady Ward, 1.0:

44 Moby Thesaurus words for "celebrated":
   acclaimed, conspicuous, distinguished, eminent, esteemed,
   estimable, exceptional, extraordinary, fabled, famed, famous,
   far-famed, far-heard, great, honored, illustrious, legendary,
   marked, memorable, much acclaimed, mythical, noble, notable, noted,
   noteworthy, notorious, of mark, of note, outstanding, popular,
   prestigious, prominent, rare, remarkable, rememberable, renowned,
   reputable, special, striking, talked-about, talked-of, telling,
   unforgettable, well-known