The Collaborative International Dictionary of English v.0.48:

Situation \Sit`u*a"tion\, n. [LL. situatio: cf. F. situation.]
   1. Manner in which an object is placed; location, esp. as
      related to something else; position; locality site; as, a
      house in a pleasant situation.
      [1913 Webster]

   2. Position, as regards the conditions and circumstances of
      the case.
      [1913 Webster]

            A situation of the greatest ease and tranquillity.
                                                  --Rogers.
      [1913 Webster]

   3. Relative position; circumstances; temporary state or
      relation at a moment of action which excites interest, as
      of persons in a dramatic scene.
      [1913 Webster]

            There's situation for you! there's an heroic group!
                                                  --Sheridan.
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   4. Permanent position or employment; place; office; as, a
      situation in a store; a situation under government.
      [1913 Webster]

   Syn: State; position; seat; site; station; post; place;
        office; condition; case; plight. See State.
        [1913 Webster]

WordNet (r) 3.0 (2006):

situation
    n 1: the general state of things; the combination of
         circumstances at a given time; "the present international
         situation is dangerous"; "wondered how such a state of
         affairs had come about"; "eternal truths will be neither
         true nor eternal unless they have fresh meaning for every
         new social situation"- Franklin D.Roosevelt [syn:
         situation, state of affairs]
    2: a condition or position in which you find yourself; "the
       unpleasant situation (or position) of having to choose
       between two evils"; "found herself in a very fortunate
       situation" [syn: situation, position]
    3: a complex or critical or unusual difficulty; "the dangerous
       situation developed suddenly"; "that's quite a situation";
       "no human situation is simple"
    4: physical position in relation to the surroundings; "the sites
       are determined by highly specific sequences of nucleotides"
       [syn: site, situation]
    5: a job in an organization; "he occupied a post in the
       treasury" [syn: position, post, berth, office,
       spot, billet, place, situation]

Moby Thesaurus II by Grady Ward, 1.0:

148 Moby Thesaurus words for "situation":
   Anschauung, abode, alentours, allocation, ambience, ambit, angle,
   angle of vision, appointment, area, assignment, bargain, basis,
   bearings, bench mark, berth, billet, borderlands, capacity, case,
   character, circle, circuit, circumambiencies, circumjacencies,
   circumstance, circumstances, collocation, compass, condition,
   connection, context, deployment, deposit, deposition, disposition,
   district, emplacement, employment, engagement, entourage,
   environing circumstances, environment, environs, estate, eye, fix,
   footing, frame of reference, framework, gestalt, gestation, gig,
   gravidity, habitat, hole, incumbency, jam, job, kettle of fish,
   lading, latitude and longitude, lieu, light, loading, locale,
   locality, localization, locating, location, locus, lot,
   mental outlook, milieu, modality, mode, moonlighting, neighborhood,
   office, opening, outlook, outposts, outskirts, packing, pass,
   perimeter, periphery, pickle, picture, pinpoint, pinpointing,
   place, placement, placing, plight, point, point of view, position,
   positioning, post, posting, posture, precincts, predicament,
   purlieus, putting, rank, reference system, regard, region,
   reposition, respect, second job, service, setting, side, sight,
   site, situs, slant, spot, spotting, stand, standing, standpoint,
   state, state of affairs, station, stationing, status, status quo,
   stead, storage, stowage, suburbs, surroundings, system, tenure,
   total environment, universe, vacancy, vicinage, vicinity, view,
   viewpoint, where, whereabout, whereabouts