The Collaborative International Dictionary of English v.0.48:

Appraise \Ap*praise"\, v. t. [imp. & p. p. Appraised; p. pr. &
   vb. n. Appraising.] [Pref. ad- + praise. See Praise,
   Price, Apprize, Appreciate.]
   1. To set a value; to estimate the worth of, particularly by
      persons appointed for the purpose; as, to appraise goods
      and chattels.
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   2. To estimate; to conjecture.
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            Enoch . . . appraised his weight.     --Tennyson.
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   3. To praise; to commend. [Obs.] --R. Browning.
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            Appraised the Lycian custom.          --Tennyson.
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   Note: In the United States, this word is often pronounced,
         and sometimes written, apprize.
         [1913 Webster]

WordNet (r) 3.0 (2006):

appraise
    v 1: evaluate or estimate the nature, quality, ability, extent,
         or significance of; "I will have the family jewels
         appraised by a professional"; "access all the factors when
         taking a risk" [syn: measure, evaluate, valuate,
         assess, appraise, value]
    2: consider in a comprehensive way; "He appraised the situation
       carefully before acting" [syn: survey, appraise]