The Collaborative International Dictionary of English v.0.48:

Caricature \Car"i*ca*ture\, v. t. [imp. & p. p. Caricatured;
   p. pr. & vb. n. Caricaturing.]
   To make or draw a caricature of; to represent with ridiculous
   exaggeration; to burlesque.
   [1913 Webster]

         He could draw an ill face, or caricature a good one,
         with a masterly hand.                    --Lord
                                                  Lyttelton.
   [1913 Webster]