The verb celebrate has 3 senses (first 3 from tagged texts)
1. (11) observe, celebrate, keep -- (celebrate, as of holidays or rites; "Keep the commandments"; "celebrate Christmas"; "Observe Yom Kippur")
2. (6) celebrate, fete -- (have a celebration; "They were feting the patriarch of the family"; "After the exam, the students were celebrating")
3. (2) lionize, lionise, celebrate -- (assign great social importance to; "The film director was celebrated all over Hollywood"; "The tenor was lionized in Vienna")