Most of the time, everyone will think of the dirty word, unless it’s in well-known expressions, like “baiser la main” or the noun “un tendre baiser” or if it is used in texts using elevated language throughout.

It could means three things. The first two, which are both plausible without more context, are the vulgar way to refer to penetration, and the slang way to say “to dupe” (with a lot of nuances, and is up to interpretation).

It could also mean kissing (it was used for kissing on the hand), but nowadays one would more likely say “Je lui ai fait un baiser”, or more commonly “Je l’ai embrassée” (which has only two meanings… the other one being “to hug”).

Using “Je l’ai baisée”, people will think about these meanings, in this order:

1. You fucked her
2. You tricked her
3. You kissed her

The two first possibilities will be eleminated only if the context makes it very clear it is not this meaning, like if it is a text written a long time ago or if you are speaking in a old-fashioned polished register of language, or if the COD is not a person. For example:

Le chevalier baisa la bague de son seigneur pour lui prêter allégeance. (The knight kissed his lord’s ring to pledge him allegeance.)

Here it is clear that the knight is not doing nasty things with the ring of his lord.

But if you use “un baiser” as a noun, it means “a kiss”. For example:

Nous avons échangé un baiser avant de nous quitter

Means clearly that you did nothing more than kissing. Just be careful not to use “une baise” in France, as it clearly means the sexual act and not just the kiss.