World English Dictionary
analyse or analyze (ˈænəˌlaɪz)
1.  to examine in detail in order to discover meaning, essential features, etc
2.  to break down into components or essential features: to analyse a financial structure
3.  to make a mathematical, chemical, grammatical, etc, analysis of
4.  another word for psychoanalyse
[C17: back formation from analysis]
analyze or analyze
[C17: back formation from analysis]
ana'lysable or analyze
ana'lyzable or analyze
analy'sation or analyze
analy'zation or analyze
'analyser or analyze
'analyzer or analyze

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Word Origin & History

Brit. spelling of analyze (q.v.).
"Analyse is better than analyze, but merely as being the one of the two equally indefensible forms that has won. The correct but now impossible form would be analysize (or analysise), with analysist for existing analyst." [Fowler]
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
We will be like this for another half a century unless of course we begin to
  analyse the problem objectively and long term basis.
It's amazing how much people love to analyse their toys.
The idea is that while meditating you let stuff float in and out of your
  consciousness, but you don't analyse it or act on it.
Let us once more analyse its meaning carefully.
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