"based" in the verb sense
1. establish, base, ground, found
use as a basis for found on
"base a claim on some observation"
situate as a center of operations
"we will base this project in the new lab"
3. free-base, base
use (purified cocaine) by burning it and inhaling the fumes
"based" in the adjective sense
having a base
"firmly based ice"
having a base of operations (often used as a combining form
"a locally based business"
"an Atlanta-based company"
Source: WordNet® (An amazing lexical database of English)
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