The Collaborative International Dictionary of English v.0.48:

Equalize \E"qual*ize\, v. t. [imp. & p. p. Equalized; p. pr. &
   vb. n. Equalizing.] [Cf. F. ['e]galiser.]
   1. To make equal; to cause to correspond, or be like, in
      amount or degree as compared; as, to equalize accounts,
      burdens, or taxes.
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            One poor moment can suffice
            To equalize the lofty and the low.    --Wordsworth.
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            No system of instruction will completely equalize
            natural powers.                       --Whately.
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   2. To pronounce equal; to compare as equal.
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            Which we equalize, and perhaps would willingly
            prefer to the Iliad.                  --Orrery.
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   3. To be equal to; equal; to match. [Obs.]
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            It could not equalize the hundredth part
            Of what her eyes have kindled in my heart. --Waller.
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   Equalizing bar (Railroad Mach.), a lever connecting two
      axle boxes, or two springs in a car truck or locomotive,
      to equalize the pressure on the axles.
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WordNet (r) 3.0 (2006):

equalize
    v 1: compensate; make the score equal [syn: equalize,
         equalise, get even]
    2: make equal, uniform, corresponding, or matching; "let's
       equalize the duties among all employees in this office"; "The
       company matched the discount policy of its competitors" [syn:
       equal, match, equalize, equalise, equate]