1. Literally, to elicit the same sensations of flavor in one's mouth as something else. This cake tastes exactly like the one my grandmother used to make when I was a kid. I've heard that certain insects taste like shrimp, but I still wouldn't be caught dead trying one.

2. By extension, to elicit, evoke, or be associated with a certain kind of sensation, emotion, or experience. I love sipping a cold beer out on my porch in the middle of summer. It tastes like freedom to me. With how ludicrously expensive the whole meal was, everything just tasted more like regret than anything else.