The Collaborative International Dictionary of English v.0.48:

Vesiculate \Ve*sic"u*late\, a.
   Bladdery; full of, or covered with, bladders; vesicular.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Vesiculate \Ve*sic"u*late\, v. t.
   To form vesicles in, as lava.
   [1913 Webster]

WordNet (r) 3.0 (2006):

vesiculate
    v 1: become vesicular or full of air cells; "The organs
         vesiculated"
    2: cause to become vesicular or full of air cells; "vesiculate
       an organ"