exchanged (Adjective) — Changed for (or replaced by) something different.
exchanged (Verb) — Give to, and receive from, one another. ex. "We have been exchanging letters for a year"
exchanged (Verb) — Exchange or replace with another, usually of the same kind or category. ex. "He exchanged his name"
exchanged (Verb) — Change over, change around, as to a new order or sequence.
exchanged (Verb) — Hand over one and receive another, approximately equivalent. ex. "exchange prisoners" ex. "exchange employees between branches of the company"
exchanged (Verb) — Put in the place of another; switch seemingly equivalent items. ex. "exchange regular milk with fat-free milk"
exchanged (Verb) — Exchange a penalty for a less severe one.