The Collaborative International Dictionary of English v.0.48:

homogenize \homogenize\ v. t.
   1. To blend (a collection of unlike elements) together so as
      to make the whole uniform in character, composition, or
      function.
      [PJC]

   2. Specifically: To blend separated liquids together so as to
      form a uniform emulsion which does not separate out into
      its original constituents on standing; -- used especially
      of milk; as, most milk sold in cartons is pasteurized and
      homogenized.
      [PJC]

WordNet (r) 3.0 (2006):

homogenize
    v 1: cause to become equal or homogeneous as by mixing;
         "homogenize the main ingredients" [syn: homogenize,
         homogenise]
    2: break up the fat globules of; "homogenized milk" [syn:
       homogenize, homogenise] [ant: clabber, clot,
       curdle]
    3: become homogeneous or similar, as by mixing; "The two liquids
       homogenized in the blender" [syn: homogenize, homogenise]
       [ant: clabber, clot, curdle]