The Collaborative International Dictionary of English v.0.48:

Praise \Praise\, v. t. [imp. & p. p. Praised; p. pr. & vb. n.
   Praising.] [OE. preisen, OF. preisier, prisier, F. priser,
   L. pretiare to prize, fr. pretium price. See Price, n., and
   cf. Appreciate, Praise, n., Prize, v.]
   1. To commend; to applaud; to express approbation of; to
      laud; -- applied to a person or his acts. "I praise well
      thy wit." --Chaucer.
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            Let her own works praise her in the gates. --Prov.
                                                  xxxi. 31.
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            We praise not Hector, though his name, we know,
            Is great in arms; 't is hard to praise a foe.
                                                  --Dryden.
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   2. To extol in words or song; to magnify; to glorify on
      account of perfections or excellent works; to do honor to;
      to display the excellence of; -- applied especially to the
      Divine Being.
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            Praise ye him, all his angels; praise ye him, all
            his hosts!                            --Ps. cxlviii.
                                                  2.
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   3. To value; to appraise. [Obs.] --Piers Plowman.
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   Syn: To commend; laud; eulogize; celebrate; glorify; magnify.

   Usage: To Praise, Applaud, Extol. To praise is to set
          at high price; to applaud is to greet with clapping;
          to extol is to bear aloft, to exalt. We may praise in
          the exercise of calm judgment; we usually applaud from
          impulse, and on account of some specific act; we extol
          under the influence of high admiration, and usually in
          strong, if not extravagant, language.
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The Collaborative International Dictionary of English v.0.48:

Praise \Praise\, n. [OE. preis, OF. preis price, worth, value,
   estimation. See Praise, v., Price.]
   1. Commendation for worth; approval expressed; honor rendered
      because of excellence or worth; laudation; approbation.
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            There are men who always confound the praise of
            goodness with the practice.           --Rambler.
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   Note: Praise may be expressed by an individual, and thus
         differs from fame, renown, and celebrity, which are
         always the expression of the approbation of numbers, or
         public commendation.
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   2. Especially, the joyful tribute of gratitude or homage
      rendered to the Divine Being; the act of glorifying or
      extolling the Creator; worship, particularly worship by
      song, distinction from prayer and other acts of worship;
      as, a service of praise.
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   3. The object, ground, or reason of praise.
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            He is thy praise, and he is thy God.  --Deut. x.??.
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   Syn: Encomium; honor; eulogy; panegyric; plaudit; applause;
        acclaim; eclat; commendation; laudation.
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WordNet (r) 3.0 (2006):

praise
    n 1: an expression of approval and commendation; "he always
         appreciated praise for his work" [syn: praise,
         congratulations, kudos, extolment]
    2: offering words of homage as an act of worship; "they sang a
       hymn of praise to God"
    v 1: express approval of; "The parents praised their children
         for their academic performance" [ant: criticise,
         criticize, knock, pick apart]