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]

The Collaborative International Dictionary of English v.0.48:

Caricature \Car"i*ca*ture\, n. [It. caricatura, fr. caricare to
   charge, overload, exaggerate. See Charge, v. t.]
   1. An exaggeration, or distortion by exaggeration, of parts
      or characteristics, as in a picture.
      [1913 Webster]

   2. A picture or other figure or description in which the
      peculiarities of a person or thing are so exaggerated as
      to appear ridiculous; a burlesque; a parody. [Formerly
      written caricatura.]
      [1913 Webster]

            The truest likeness of the prince of French
            literature will be the one that has most of the look
            of a caricature.                      --I. Taylor.
      [1913 Webster]

            A grotesque caricature of virtue.     --Macaulay.
      [1913 Webster]

WordNet (r) 3.0 (2006):

caricature
    n 1: a representation of a person that is exaggerated for comic
         effect [syn: caricature, imitation, impersonation]
    v 1: represent in or produce a caricature of; "The drawing
         caricatured the President" [syn: caricature, ape]

Moby Thesaurus II by Grady Ward, 1.0:

156 Moby Thesaurus words for "caricature":
   Atticism, aggrandize, aggrandizement, agile wit, amplification,
   amplify, anamorphosis, animated cartoon, bad likeness, ballyhoo,
   belie, big talk, black humor, blowing up, bosh, botch, build up,
   bunk, burlesque, camouflage, carry too far, cartoon, cheat,
   clinquant, color, comedy, comic book, comic strip, comics, daub,
   dilatation, dilation, disguise, distort, distortion,
   draw the longbow, dry wit, enhancement, enlargement, esprit,
   exaggerate, exaggerating, exaggeration, excess, exorbitance,
   expansion, extravagance, extreme, fake, falsify, farce, funnies,
   gammon, garble, go to extremes, grandiloquence, heightening,
   hit off on, hokum, huckstering, humor, hyperbole, hyperbolism,
   hyperbolize, imitation, inflation, inordinacy, irony, lampoon,
   laughingstock, lay it on, libel, magnification, magnify,
   make much of, miscolor, misquote, misreport, misrepresent,
   misstate, misteach, mock, mockery, moonshine, nimble wit,
   overcharge, overdo, overdraw, overemphasis, overestimate,
   overestimation, overkill, overpraise, overreach, overreact,
   oversell, overspeak, overstate, overstatement, overstress, parody,
   pasquinade, pastiche, pervert, phony, pile it on, pinchbeck,
   pleasantry, pretty wit, prodigality, profuseness, puff, puffery,
   puffing up, quick wit, ready wit, ridicule, salt, sarcasm, satire,
   satirize, savor of wit, scratch, scribble, send up, sensationalism,
   sham, shoddy, slant, slapstick, slapstick humor, spoof, squib,
   stretch, stretch the truth, stretching, subtle wit, superlative,
   take off, take off on, take-off, takeoff, talk big,
   talk in superlatives, tall talk, tinsel, tout, touting, travesty,
   twist, understate, visual humor, warp, wicked imitation, wit,
   wrench