The Collaborative International Dictionary of English v.0.48:

Magnetize \Mag"net*ize\, v. t. [imp. & p. p. Magnetized; prep.
   & adv. Magnetizing.] [Cf. F. magn['e]tiser.]
   1. To communicate magnetic properties to; to make magnetic;
      as, to magnetize a needle.
      [1913 Webster]

   2. To attract as a magnet attracts, or like a magnet; to
      move; to influence.
      [1913 Webster]

            Fascinated, magnetized, as it were, by his
            character.                            --Motley.
      [1913 Webster]

   3. To bring under the influence of animal magnetism.
      [1913 Webster]

WordNet (r) 3.0 (2006):

magnetize
    v 1: make magnetic; "The strong magnet magnetized the iron
         shavings" [syn: magnetize, magnetise] [ant: degauss,
         demagnetise, demagnetize]
    2: attract strongly, as if with a magnet; "She magnetized the
       audience with her tricks" [syn: magnetize, mesmerize,
       mesmerise, magnetise, bewitch, spellbind]