The Collaborative International Dictionary of English v.0.48:

Arterialize \Ar*te"ri*al*ize\, v. t. [imp. & p. p.
   Arterialized; p. pr. & vb. n. Arterializing.]
   To transform, as the venous blood, into arterial blood by
   exposure to oxygen in the lungs; to make arterial.
   [1913 Webster]

WordNet (r) 3.0 (2006):

arterialize
    v 1: change venous blood into arterial blood [syn:
         arterialize, arterialise]