The Collaborative International Dictionary of English v.0.48:

Elect \E*lect"\, v. t. [imp. & p. p. Elected; p. pr. & vb. n.
   Electing.]
   1. To pick out; to select; to choose.
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            The deputy elected by the Lord.       --Shak.
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   2. To select or take for an office; to select by vote; as, to
      elect a representative, a president, or a governor.
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   3. (Theol.) To designate, choose, or select, as an object of
      mercy or favor.

   Syn: To choose; prefer; select. See Choose.
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The Collaborative International Dictionary of English v.0.48:

Elect \E*lect"\, a. [L. electus, p. p. of eligere to elect; e
   out + legere to choose. See Legend, and cf. Elite,
   Eclectic.]
   1. Chosen; taken by preference from among two or more.
      "Colors quaint elect." --Spenser.
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   2. (Theol.) Chosen as the object of mercy or divine favor;
      set apart to eternal life. "The elect angels." --1 Tim. v.
      21.
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   3. Chosen to an office, but not yet actually inducted into
      it; as, bishop elect; governor or mayor elect.
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The Collaborative International Dictionary of English v.0.48:

Elect \E*lect"\, n.
   1. One chosen or set apart.
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            Behold my servant, whom I uphold; mine elect, in
            whom my soul delighteth.              --Is. xlii. 1.
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   2. pl. (Theol.) Those who are chosen for salvation.
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            Shall not God avenge his won elect?   --Luke xviii.
                                                  7.
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WordNet (r) 3.0 (2006):

elect
    adj 1: selected as the best; "an elect circle of artists";
           "elite colleges" [syn: elect, elite]
    2: elected but not yet installed in office; "the president
       elect"
    n 1: an exclusive group of people; "one of the elect who have
         power inside the government" [syn: chosen, elect]
    v 1: select by a vote for an office or membership; "We elected
         him chairman of the board"
    2: choose; "I elected to have my funds deposited automatically"

Moby Thesaurus II by Grady Ward, 1.0:

131 Moby Thesaurus words for "elect":
   FFVs, accept, accepted, admit, adopted, ancienne noblesse, appoint,
   appointed, approved, aristocracy, back, back up, ballot, baronage,
   baronetage, best, carried, champion, chivalry, choice, choose,
   chosen, chosen people, clannish, cliquish, co-opt, conclude, cream,
   cull, decide, delivered, designate, designated, destined,
   determine, elected, elected by acclamation, elite, embraced,
   endorse, espoused, exclusive, fat, first-class, first-rate, flower,
   for the best, greatest, handpicked, haut monde, high life,
   high society, judge, knightage, like, make choice of, mark,
   matchless, name, named, nobility, noblesse, noblesse de robe,
   nominate, nominated, nonesuch, nonpareil, old nobility, opt,
   opt for, optimal, optimum, ordained, paragon, paramount, passed,
   peerage, peerless, pick, pick and choose, picked, place in office,
   please, prefer, prime, prize, queen, quintessence, quintessential,
   rare, ratified, receive, redeemed, reprobate, resolve, royalty,
   saved, select, selected, selective, settle, single, single out,
   snobbish, snobby, superlative, support, supreme, surpassing, take,
   the Four Hundred, the best, the best ever, the classes, the tops,
   the very best, unanimously elected, unmatchable, unmatched,
   unparalleled, unsurpassed, upper classes, upper crust, upper ten,
   upper ten thousand, uppercut, very best, vote, vote for, vote in,
   wish