The Collaborative International Dictionary of English v.0.48:

Exhilarate \Ex*hil"a*rate\, v. t. [imp. & p. p. Exhilarated;
   p. pr. & vb. n. Exilarating.] [L. exhilaratus, p. p. of
   exhilarare to gladden; ex out + hilarare to make merry,
   hilaris merry, cheerful. See Hilarious.]
   To make merry or jolly; to enliven; to animate; to gladden
   greatly; to cheer; as, good news exhilarates the mind; wine
   exhilarates a man.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

exhilarated \exhilarated\ adj.
   elated, in high spirits, and envigorated. Opposite of
   dejected.

   Syn: gladdened, happy.
        [WordNet 1.5]

WordNet (r) 3.0 (2006):

exhilarated
    adj 1: made joyful; "the sun and the wind on his back made him
           feel exhilarated--happy to be alive" [syn: gladdened,
           exhilarated]