The Collaborative International Dictionary of English v.0.48:

Exchange \Ex*change"\, v. t. [imp. & p. p. Exchanged; p. pr. &
   vb. n. Exchanging.] [Cf.OF. eschangier, F. ['e]changer. See
   Exchange, n.]
   1. To part with give, or transfer to another in consideration
      of something received as an equivalent; -- usually
      followed by for before the thing received.
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            Exchange his sheep for shells, or wool for a
            sparking pebble or a diamond.         --Locke.
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   2. To part with for a substitute; to lay aside, quit, or
      resign (something being received in place of the thing
      parted with); as, to exchange a palace for cell.
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            And death for life exchanged foolishly. --Spenser.
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            To shift his being
            Is to exchange one misery with another. --Shak.
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   3. To give and receive reciprocally, as things of the same
      kind; to barter; to swap; as, to exchange horses with a
      neighbor; to exchange houses or hats.
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            Exchange forgiveness with me, noble Hamlet. --Shak.

   Syn: To barter; change; commute; interchange; bargain; truck;
        swap; traffic.
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WordNet (r) 3.0 (2006):

exchanged
    adj 1: changed for (replaced by) something different