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):

spellbinding
    adj 1: attracting and holding interest as if by a spell; "read
           the bedtime story in a hypnotic voice"; "she had a warm
           mesmeric charm"; "the sheer force of his presence was
           mesmerizing"; "a spellbinding description of life in
           ancient Rome" [syn: hypnotic, mesmeric,
           mesmerizing, spellbinding]

Moby Thesaurus II by Grady Ward, 1.0:

121 Moby Thesaurus words for "spellbinding":
   Ciceronian, Circean, Demosthenian, Demosthenic, Tullian, absorbing,
   alchemy, alluring, appealing, appetizing, arresting, articulate,
   attractive, beguiling, bewitchery, bewitching, blandishing,
   cajoling, captivating, catching, charismatic, charm, charming,
   coaxing, come-hither, consuming, coquettish, divination, eloquent,
   enchanting, enchantment, engaging, engrossing, enravishing,
   enthralling, enticing, entrancing, exciting, exotic, facund,
   fascinating, felicitous, fetching, fetishism, flirtatious,
   glamorous, glamour, glib, gramarye, gripping, holding, hoodoo,
   hypnotic, illusionary, illusive, illusory, interesting, intriguing,
   inviting, irresistible, juju, jujuism, magic, magnetic, mesmeric,
   mesmerizing, mouth-watering, natural magic, necromancy, obeah,
   obsessing, obsessive, overpowering, piquant, prepossessing,
   provocative, provoquant, ravishing, rune, seducing, seductive,
   shamanism, silver, silver-tongued, siren, sirenic, slick, smooth,
   smooth-spoken, smooth-tongued, sorcery, sortilege, spell,
   spellcasting, spellful, sympathetic magic, taking, tantalizing,
   teasing, tempting, thaumaturgia, thaumaturgics, thaumaturgism,
   thaumaturgy, theurgy, tickling, titillating, titillative,
   vampirism, voodoo, voodooism, wanga, well-spoken, white magic,
   winning, winsome, witchcraft, witchery, witching, witchwork,
   wizardry