The Collaborative International Dictionary of English v.0.48:

Exhibit \Ex*hib"it\, v. t. [imp. & p. p. Exhibited; p. pr. &
   vb. n. Exhibiting.] [L. exhibitus, p. p. of exhibere to
   hold forth, to tender, exhibit; ex out + habere to have or
   hold. See Habit.]
   1. To hold forth or present to view; to produce publicly, for
      inspection; to show, especially in order to attract notice
      to what is interesting; to display; as, to exhibit
      commodities in a warehouse, a picture in a gallery.
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            Exhibiting a miserable example of the weakness of
            mind and body.                        --Pope.
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   2. (Law) To submit, as a document, to a court or officer, in
      course of proceedings; also, to present or offer
      officially or in legal form; to bring, as a charge.
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            He suffered his attorney-general to exhibit a charge
            of high treason against the earl.     --Clarendon.
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   3. (Med.) To administer as a remedy; as, to exhibit calomel.
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   To exhibit a foundation or prize, to hold it forth or to
      tender it as a bounty to candidates.

   To exibit an essay, to declaim or otherwise present it in
      public. [Obs.]
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The Collaborative International Dictionary of English v.0.48:

Exhibit \Ex*hib"it\, n.
   1. Any article, or collection of articles, displayed to view,
      as in an industrial exhibition; a display; as, this
      exhibit was marked A; the English exhibit.
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   2. (Law) A document produced and identified in court for
      future use as evidence.
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WordNet (r) 3.0 (2006):

exhibit
    n 1: an object or statement produced before a court of law and
         referred to while giving evidence
    2: something shown to the public; "the museum had many exhibits
       of oriental art" [syn: display, exhibit, showing]
    v 1: show an attribute, property, knowledge, or skill; "he
         exhibits a great talent"
    2: to show, make visible or apparent; "The Metropolitan Museum
       is exhibiting Goya's works this month"; "Why don't you show
       your nice legs and wear shorter skirts?"; "National leaders
       will have to display the highest skills of statesmanship"
       [syn: expose, exhibit, display]
    3: give an exhibition of to an interested audience; "She shows
       her dogs frequently"; "We will demo the new software in
       Washington" [syn: show, demo, exhibit, present,
       demonstrate]
    4: walk ostentatiously; "She parades her new husband around
       town" [syn: parade, exhibit, march]