Diana v. the Dictionary

Much debate on the "Idol" chat this afternoon (transcript here) about whether "pronunciate" is a word. I can't find it in either of the dictionaries on my desk (Webster's New World College and Merriam Webster's Collegiate, for those keeping score). But astute reader Elly found a listing on dictionary.com:

Main Entry: pronunciate
Part of Speech: v
Definition: to declare or pronounce
Usage: rare

Source says Webster's New Millennium Dictionary of English.

Still, I propose that just because something is technically a word, that doesn't mean you should go around using it.