The Collaborative International Dictionary of English v.0.48:

Aerate \A"["e]r*ate\, v. t. [imp. & p. p. A["e]rated; p. pr. &
   vb. n. A["e]rating.] [Cf. F. a['e]rer. See Air, v. t.]
   1. To combine or charge with gas; usually with carbonic acid
      gas, formerly called fixed air.
      [1913 Webster]

            His sparkling sallies bubbled up as from a["e]rated
            natural fountains.                    --Carlyle.
      [1913 Webster]

   2. To supply or impregnate with common air; as, to a["e]rate
      soil; to a["e]rate water.
      [1913 Webster]

   3. (Physiol.) To expose to the chemical action of air; to
      oxygenate (the blood) by respiration; to arterialize.
      [1913 Webster]

   4. cause a change by passing air through (of sewage)

   Syn: activate
        [WordNet 1.5]

   A["e]rated bread, bread raised by charging dough with
      carbonic acid gas, instead of generating the gas in the
      dough by fermentation.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

aerated \aerated\ adj.
   1. treated by having air passed or bubbled through it for
      purification; -- of a liquid
      [WordNet 1.5]

   2. (Physiol.) supplied with oxygen by respiration; -- used of
      tissues or especially blood

   Syn: oxygenated
        [WordNet 1.5]

   3. 1 supplied with carbon dioxide

   Syn: charged
        [WordNet 1.5] aeration

WordNet (r) 3.0 (2006):

aerated
    adj 1: (of a liquid) treated by having air passed or bubbled
           through it for purification
    2: supplied with carbon dioxide [syn: aerated, charged]