The Collaborative International Dictionary of English v.0.48:

Conceive \Con*ceive"\, v. i.
   1. To have an embryo or fetus formed in the womb; to breed;
      to become pregnant.
      [1913 Webster]

            A virgin shall conceive, and bear a son. --Isa. vii.
                                                  14.
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   2. To have a conception, idea, or opinion; think; -- with of.
      [1913 Webster]

            Conceive of things clearly and distinctly in their
            own natures.                          --I. Watts.
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The Collaborative International Dictionary of English v.0.48:

Conceive \Con*ceive"\, v. t. [imp. & p. p. Conceived; p. pr. &
   vb. n. Conceiving.] [OF. conzoivre, concever, conceveir, F.
   concevoir, fr. L. oncipere to take, to conceive; con- +
   capere to seize or take. See Capable, and cf.
   Conception.]
   1. To receive into the womb and begin to breed; to begin the
      formation of the embryo of.
      [1913 Webster]

            She hath also conceived a son in her old age. --Luke
                                                  i. 36.
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   2. To form in the mind; to plan; to devise; to generate; to
      originate; as, to conceive a purpose, plan, hope.
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            It was among the ruins of the Capitol that I first
            conceived the idea of a work which has amused and
            exercised near twenty years of my life. --Gibbon.
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            Conceiving and uttering from the heart words of
            falsehood.                            --Is. lix. 13.
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   3. To apprehend by reason or imagination; to take into the
      mind; to know; to imagine; to comprehend; to understand.
      "I conceive you." --Hawthorne.
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            O horror, horror, horror! Tongue nor heart
            Cannot conceive nor name thee!        --Shak.
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            You will hardly conceive him to have been bred in
            the same climate.                     --Swift.

   Syn: To apprehend; imagine; suppose; understand; comprehend;
        believe; think.
        [1913 Webster]

WordNet (r) 3.0 (2006):

conceive
    v 1: have the idea for; "He conceived of a robot that would help
         paralyzed patients"; "This library was well conceived"
         [syn: gestate, conceive, conceptualize,
         conceptualise]
    2: judge or regard; look upon; judge; "I think he is very
       smart"; "I believe her to be very smart"; "I think that he is
       her boyfriend"; "The racist conceives such people to be
       inferior" [syn: think, believe, consider, conceive]
    3: become pregnant; undergo conception; "She cannot conceive";
       "My daughter was conceived in Christmas Day"

Moby Thesaurus II by Grady Ward, 1.0:

244 Moby Thesaurus words for "conceive":
   absorb, accept, account as, animate, appreciate, apprehend,
   assimilate, assume, author, be acquainted with, be afraid,
   be apprised of, be aware of, be cognizant of, be conscious of,
   be conversant with, be informed, be with one, bear, beget, believe,
   breathe life into, breed, bring about, bring forth,
   bring into being, bring into existence, bring to effect,
   bring to life, bring to pass, call into being, call into existence,
   catch, catch on, cause, cerebrate, cogitate, cognize, coin,
   come with child, compass, comprehend, conceit, conceptualize,
   conclude, concoct, conjure up, consider, contrive, cook up, couch,
   couch in terms, create, daresay, deduce, deem, design, develop,
   devise, dig, digest, discern, discover, divine, do, dream,
   dream up, effect, effectuate, embody in words, endow with life,
   energize, engender, entertain ideas, envisage, envision, establish,
   esteem, estimate, evolve, excogitate, exercise the mind, expect,
   experience imaginatively, express, fabricate, fancy, fantasize,
   father, fathom, feature, feel, fictionalize, follow, form,
   form ideas, formularize, formulate, found, frame, gather, generate,
   gestate, get, get hold of, get the drift, get the idea,
   get the picture, give being to, give birth, give birth to,
   give expression to, give life to, give occasion to, give origin to,
   give rise to, give words to, grant, grasp, guess, hatch, have,
   have a hunch, have an idea, have an impression, have an inkling,
   have information about, have it taped, have knowledge of,
   have the idea, heed, hold, hold as, hypothesize, ideate, image,
   imagine, improvise, inaugurate, infer, inspirit, institute,
   intellectualize, invent, judge, ken, know, learn, let, let be,
   look upon as, maintain, make, make do with, make out, make up,
   mark, master, mature, meditate, mint, mold, note, notice, observe,
   occasion, opine, originate, paragraph, perceive, phrase, plan,
   plot, ponder, posit, possess, postulate, prefigure, prehend,
   present, presume, presuppose, presurmise, procreate, produce,
   provisionally accept, put, put in words, quicken, read, realize,
   reason, reckon, recognize, regard, remark, repute, rhetorize,
   ruminate, savvy, say, see, seize, seize the meaning, sense,
   set afloat, set down as, set on foot, set out, set up, shape, sire,
   spawn, speculate, state, strike out, style, suggest, superfetate,
   suppose, surmise, suspect, take, take for, take for granted,
   take in, take it, take to be, think, think out, think up, trow,
   twig, understand, view as, vision, visualize, vitalize, vivify,
   ween, word, work, wot, wot of