The Collaborative International Dictionary of English v.0.48:

Titillate \Tit"il*late\ (t[i^]t"[i^]l*l[=a]t), v. t. & i. [imp.
   & p. p. Titillated (t[i^]t"[i^]l*l[=a]`t[e^]d); p. pr. &
   vb. n. Titillating.] [L. titillatus, p. p. of titillare.]
   1. To tickle; as, to titillate the nose with a feather.
      [1913 Webster]

            The pungent grains of titillating dust. --Pope.
      [1913 Webster]

   2. To arouse an agreeable sensation in; as, to titillate
      one's imagination; to titillate one's audience; to
      titillate the senses.
      [PJC]

WordNet (r) 3.0 (2006):

titillate
    v 1: touch (a body part) lightly so as to excite the surface
         nerves and cause uneasiness, laughter, or spasmodic
         movements [syn: tickle, titillate, vellicate]
    2: excite pleasurably or erotically; "A titillating story
       appeared in the usually conservative magazine"