The Collaborative International Dictionary of English v.0.48:

Debase \De*base"\, v. t. [imp. & p. p. Debased; p. pr. & vb.
   n. Debasing.] [Pref. de- + base. See Base, a., and cf.
   Abase.]
   To reduce from a higher to a lower state or grade of worth,
   dignity, purity, station, etc.; to degrade; to lower; to
   deteriorate; to abase; as, to debase the character by crime;
   to debase the mind by frivolity; to debase style by vulgar
   words.
   [1913 Webster]

         The coin which was adulterated and debased. --Hale.
   [1913 Webster]

         It is a kind of taking God's name in vain to debase
         religion with such frivolous disputes.   --Hooker.
   [1913 Webster]

         And to debase the sons, exalts the sires. --Pope.

   Syn: To abase; degrade. See Abase.
        [1913 Webster]

WordNet (r) 3.0 (2006):

debase
    v 1: corrupt morally or by intemperance or sensuality; "debauch
         the young people with wine and women"; "Socrates was
         accused of corrupting young men"; "Do school counselors
         subvert young children?"; "corrupt the morals" [syn:
         corrupt, pervert, subvert, demoralize,
         demoralise, debauch, debase, profane, vitiate,
         deprave, misdirect]
    2: lower in value by increasing the base-metal content [syn:
       debase, alloy]
    3: corrupt, debase, or make impure by adding a foreign or
       inferior substance; often by replacing valuable ingredients
       with inferior ones; "adulterate liquor" [syn: load,
       adulterate, stretch, dilute, debase]