The Collaborative International Dictionary of English v.0.48:

Occupy \Oc"cu*py\, v. i.
   1. To hold possession; to be an occupant. "Occupy till I
      come." --Luke xix. 13.
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   2. To follow business; to traffic.
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The Collaborative International Dictionary of English v.0.48:

Occupy \Oc"cu*py\, v. t. [imp. & p. p. Occupied; p. pr. & vb.
   n. Occupying.] [OE. occupien, F. occuper, fr.L. occupare;
   ob (see Ob-) + a word akin to capere to take. See
   Capacious.]
   1. To take or hold possession of; to hold or keep for use; to
      possess.
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            Woe occupieth the fine [end] of our gladness.
                                                  --Chaucer.
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            The better apartments were already occupied. --W.
                                                  Irving.
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   2. To hold, or fill, the dimensions of; to take up the room
      or space of; to cover or fill; as, the camp occupies five
      acres of ground. --Sir J. Herschel.
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   3. To possess or use the time or capacity of; to engage the
      service of; to employ; to busy.
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            An archbishop may have cause to occupy more
            chaplains than six.                   --Eng. Statute
                                                  (Hen. VIII. )
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            They occupied themselves about the Sabbath. --2
                                                  Macc. viii.
                                                  27.
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   4. To do business in; to busy one's self with. [Obs.]
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            All the ships of the sea, with their mariners, were
            in thee to occupy the merchandise.    --Ezek. xxvii.
                                                  9.
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            Not able to occupy their old crafts.  --Robynson
                                                  (More's
                                                  Utopia).
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   5. To use; to expend; to make use of. [Obs.]
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            All the gold that was occupied for the work. --Ex.
                                                  xxxviii. 24.
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            They occupy not money themselves.     --Robynson
                                                  (More's
                                                  Utopia).
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   6. To have sexual intercourse with. [Obs.] --Nares.
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WordNet (r) 3.0 (2006):

occupy
    v 1: keep busy with; "She busies herself with her butterfly
         collection" [syn: busy, occupy]
    2: live (in a certain place); "She resides in Princeton"; "he
       occupies two rooms on the top floor" [syn: occupy,
       reside, lodge in]
    3: occupy the whole of; "The liquid fills the container" [syn:
       occupy, fill]
    4: be on the mind of; "I worry about the second Germanic
       consonant shift" [syn: concern, interest, occupy,
       worry]
    5: march aggressively into another's territory by military force
       for the purposes of conquest and occupation; "Hitler invaded
       Poland on September 1, 1939" [syn: invade, occupy]
    6: require (time or space); "It took three hours to get to work
       this morning"; "This event occupied a very short time" [syn:
       take, occupy, use up]
    7: consume all of one's attention or time; "Her interest in
       butterflies absorbs her completely" [syn: absorb,
       engross, engage, occupy]
    8: assume, as of positions or roles; "She took the job as
       director of development"; "he occupies the position of
       manager"; "the young prince will soon occupy the throne"
       [syn: fill, take, occupy]