to deal out or distribute (something) in portions
to prepare and give out (drugs, medicine, etc on prescription)
to administer (law or justice)
(+ with) to get rid of or discard (something)
We could almost dispense with the fax machine now that we have email
(+ with) to do without (something)
Shall we dispense with the formalities?
(usu + from) to give a dispensation to (somebody) or exempt them from a duty, etc
[Middle English dispensen from late Latin dispensare to grant dispensation, earlier ‘to distribute’, from dispendere to weigh out, from dis- + pendere to weigh]