The Collaborative International Dictionary of English v.0.48:

Immolate \Im"mo*late\, v. t. [imp. & p. p. Immolated; p. pr. &
   vb. n. Immolating.] [L. immolatus, p. p. of immolare to
   sacrifice, orig., to sprinkle a victim with sacrifical meal;
   pref. im- in + mola grits or grains of spelt coarsely ground
   and mixed with salt; also, mill. See Molar, Meal ground
   grain.]
   1. To sacrifice; to offer in sacrifice; to kill, as a
      sacrificial victim.
      [1913 Webster]

            Worshipers, who not only immolate to them [the
            deities] the lives of men, but . . . the virtue and
            honor of women.                       --Boyle.
      [1913 Webster]

   2. To destroy by fire.
      [PJC]

WordNet (r) 3.0 (2006):

immolate
    v 1: offer as a sacrifice by killing or by giving up to
         destruction; "The Aztecs immolated human victims";
         "immolate the valuables at the temple"