The Collaborative International Dictionary of English v.0.48:

Excitement \Ex*cite"ment\n. [Cf. OF. excitement, escitement.]
   1. The act of exciting, or the state of being roused into
      action, or of having increased action; impulsion;
      agitation; as, an excitement of the people.
      [1913 Webster]

   2. That which excites or rouses; that which moves, stirs, or
      induces action; a motive.
      [1913 Webster]

            The cares and excitements of a season of transition
            and struggle.                         --Talfowrd.
      [1913 Webster]

   3. (Physiol.) A state of aroused or increased vital activity
      in an organism, or any of its organs or tissues.
      [1913 Webster]

WordNet (r) 3.0 (2006):

excitement
    n 1: the feeling of lively and cheerful joy; "he could hardly
         conceal his excitement when she agreed" [syn:
         exhilaration, excitement]
    2: the state of being emotionally aroused and worked up; "his
       face was flushed with excitement and his hands trembled"; "he
       tried to calm those who were in a state of extreme
       inflammation" [syn: excitement, excitation,
       inflammation, fervor, fervour]
    3: something that agitates and arouses; "he looked forward to
       the excitements of the day" [syn: excitation, excitement]
    4: disturbance usually in protest [syn: agitation,
       excitement, turmoil, upheaval, hullabaloo]