The Collaborative International Dictionary of English v.0.48:

Exalt \Ex*alt"\, v. t. [imp. & p. p. Exalted; p. pr. & vb. n.
   Exalting.] [L. exaltare; ex out (intens.) + altare to make
   high, altus high: cf.F. exalter. See Altitude.]
   1. To raise high; to elevate; to lift up.
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            I will exalt my throne above the stars of God. --Is.
                                                  xiv. 13.
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            Exalt thy towery head, and lift thine eyes --Pope.
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   2. To elevate in rank, dignity, power, wealth, character, or
      the like; to dignify; to promote; as, to exalt a prince to
      the throne, a citizen to the presidency.
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            Righteousness exalteth a nation.      --Prov. xiv.
                                                  34.
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            He that humbleth himself shall be exalted. --Luke
                                                  xiv. 11.
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   3. To elevate by prise or estimation; to magnify; to extol;
      to glorify. "Exalt ye the Lord." --Ps. xcix. 5.
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            In his own grace he doth exalt himself. --Shak.
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   4. To lift up with joy, pride, or success; to inspire with
      delight or satisfaction; to elate.
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            They who thought they got whatsoever he lost were
            mightily exalted.                     --Dryden.
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   5. To elevate the tone of, as of the voice or a musical
      instrument. --Is. xxxvii. 23.
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            Now Mars, she said, let Fame exalt her voice.
                                                  --Prior.
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   6. (Alchem.) To render pure or refined; to intensify or
      concentrate; as, to exalt the juices of bodies.
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            With chemic art exalts the mineral powers. --Pope.
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WordNet (r) 3.0 (2006):

exalting
    adj 1: tending to exalt; "an exalting eulogy"; "ennobling
           thoughts" [syn: ennobling, exalting]