To have been rendered less of a man, or been made to feel much less of a man through humiliation. This term is most often used to describe a male douchebag who has been pussywhipped by his woman.
The fact that lame Ed has chosen to neglect his friends and be home before midnight on a Friday night is proof that he has allowed himself to become completely emasculated by his girlfriend.
Also:
2) A nice/naughty shoppers term used to express delight at a particular find. For example, to-die-for shoes to go with that new outfit. "OMG, they're exaculate!"
(3) A term used to describe an attractive single male. "He's absolutely exaculate!"