The Collaborative International Dictionary of English v.0.48:

Inaugurate \In*au"gu*rate\, a. [L. inauguratus, p. p. of
   inaugurare to take omens from the flight of birds (before
   entering upon any important undertaking); hence, to
   consecrate, inaugurate, or install, with such divination;
   pref. in- in + augurare, augurari, to augur. See Augur.]
   Invested with office; inaugurated. --Drayton.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Inaugurate \In*au"gu*rate\, v. t. [imp. & p. p. Inaugurated;
   p. pr. & vb. n. Inaugurating.]
   [1913 Webster]
   1. To introduce or induct into an office with suitable
      ceremonies or solemnities; to invest with power or
      authority in a formal manner; to install; as, to
      inaugurate a president; to inaugurate a king. --Milton.
      [1913 Webster]

   2. To cause to begin, esp. with formality or solemn ceremony;
      hence, to set in motion, action, or progress; to initiate;
      -- used especially of something of dignity or worth or
      public concern; as, to inaugurate a new era of things, new
      methods, etc.
      [1913 Webster]

            As if kings did choose remarkable days to inaugurate
            their favors.                         --Sir H.
                                                  Wotton.
      [1913 Webster]

   3. To celebrate the completion of, or the first public use
      of; to dedicate, as a statue. [Colloq.]
      [1913 Webster]

   4. To begin with good omens. [Obs.] --Sir H. Wotton.
      [1913 Webster]

WordNet (r) 3.0 (2006):

inaugurate
    v 1: commence officially [syn: inaugurate, kick off]
    2: open ceremoniously or dedicate formally
    3: be a precursor of; "The fall of the Berlin Wall ushered in
       the post-Cold War period" [syn: inaugurate, usher in,
       introduce]

Moby Thesaurus II by Grady Ward, 1.0:

87 Moby Thesaurus words for "inaugurate":
   anoint, author, bear, beget, breed, bring about, bring forth,
   bring to effect, bring to pass, bring up, broach, cause, chair,
   christen, coin, commence, conceive, constitute, create, crown, do,
   effect, effectuate, engender, enlist, enroll, enter, enthrone,
   establish, father, float, form, found, generate, gestate, get off,
   give birth to, give occasion to, give origin to, give rise to,
   incept, induct, initiate, innovate, install, instate, institute,
   introduce, invent, invest, jump off, kick off, launch, lift up,
   make, materialize, mint, neologize, neoterize, occasion, open,
   ordain, organize, originate, place, place in office, produce,
   put in, raise, realize, renew, renovate, ring in, set afloat,
   set agoing, set on foot, set up, sign on, sign up, sire, start,
   start going, start up, throne, turn on, usher in, work