The Collaborative International Dictionary of English v.0.48:

Formulate \For"mu*late\, v. t. [imp. & p. p. Formulated; p.
   pr. & vb. n. Formulating.]
   To reduce to, or express in, a formula; to put in a clear and
   definite form of statement or expression. --G. P. Marsh.
   [1913 Webster]

WordNet (r) 3.0 (2006):

formulate
    v 1: elaborate, as of theories and hypotheses; "Could you
         develop the ideas in your thesis" [syn: explicate,
         formulate, develop]
    2: come up with (an idea, plan, explanation, theory, or
       principle) after a mental effort; "excogitate a way to
       measure the speed of light" [syn: invent, contrive,
       devise, excogitate, formulate, forge]
    3: put into words or an expression; "He formulated his concerns
       to the board of trustees" [syn: give voice, formulate,
       word, phrase, articulate]
    4: prepare according to a formula

Moby Thesaurus II by Grady Ward, 1.0:

148 Moby Thesaurus words for "formulate":
   articulate, assemble, author, authorize, block out, breathe, build,
   cast, chime, chorus, coauthor, codify, collaborate, come out with,
   communicate, compose, compound, conceive, concoct, constitute,
   construct, convey, cook up, couch, couch in terms, create,
   dash off, declare lawful, decree, define, deliver, denote, design,
   develop, devise, disclose, draw up, dream up, editorialize,
   elaborate, embody in words, emit, enact, enunciate, erect,
   establish, evolve, express, extrude, fabricate, fashion, fling off,
   forge, form, formularize, frame, free-lance, fudge together,
   get up, ghost, ghostwrite, give, give expression,
   give expression to, give out with, give tongue, give utterance,
   give voice, give words to, hatch up, impart, improvise, indite,
   invent, knock off, knock out, legalize, legislate, legitimate,
   legitimatize, legitimize, let out, lip, make, make a regulation,
   make legal, make up, manufacture, map out, mature, mold, novelize,
   ordain, originate, out with, pamphleteer, paragraph, particularize,
   patch together, phonate, phrase, piece together, pour forth,
   prefabricate, prepare, prescribe, present, produce, pronounce, put,
   put forth, put in force, put in words, put together, put up, raise,
   rear, regulate, rhetorize, run up, sanction, say, scenarize,
   set forth, set out, set up, shape, sound, specify, state, style,
   systematize, tell, think of, think up, throw off, throw on paper,
   utter, validate, vamp up, verbalize, vocalize, voice, whisper,
   whomp up, word, work out, write