The Collaborative International Dictionary of English v.0.48:

Caricature \Car"i*ca*ture\, v. t. [imp. & p. p. Caricatured;
   p. pr. & vb. n. Caricaturing.]
   To make or draw a caricature of; to represent with ridiculous
   exaggeration; to burlesque.
   [1913 Webster]

         He could draw an ill face, or caricature a good one,
         with a masterly hand.                    --Lord
                                                  Lyttelton.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Caricature \Car"i*ca*ture\, n. [It. caricatura, fr. caricare to
   charge, overload, exaggerate. See Charge, v. t.]
   1. An exaggeration, or distortion by exaggeration, of parts
      or characteristics, as in a picture.
      [1913 Webster]

   2. A picture or other figure or description in which the
      peculiarities of a person or thing are so exaggerated as
      to appear ridiculous; a burlesque; a parody. [Formerly
      written caricatura.]
      [1913 Webster]

            The truest likeness of the prince of French
            literature will be the one that has most of the look
            of a caricature.                      --I. Taylor.
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            A grotesque caricature of virtue.     --Macaulay.
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WordNet (r) 3.0 (2006):

caricature
    n 1: a representation of a person that is exaggerated for comic
         effect [syn: caricature, imitation, impersonation]
    v 1: represent in or produce a caricature of; "The drawing
         caricatured the President" [syn: caricature, ape]