My students use these 4-square worksheets during their word work block. This method helps students to understand a word in a variety of situations and I have found it very beneficial.
The worksheet has students work through a variety of activities for every word. Students find the definition, write a sentence, draw a picture, find the root, prefix, and suffix, find a synonym and antonym, and the part of speech. This can be modified to suit specific grade levels.
In order to conserve paper, I often shrink the images down to fit 2 on each side of the page.