The Collaborative International Dictionary of English v.0.48:

Outwit \Out*wit"\, v. t.
   1. To surpass in wisdom, esp. in cunning.
      [1913 Webster]

   2. To defeat or gain an advantage over by superior craft or
      cunning stratagems; as, the thief outwitted his pursuers
      and left the country undetected.
      [PJC]

            They did so much outwit and outwealth us ! --Gauden.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Outwit \Out"wit\, n.
   The faculty of acquiring wisdom by observation and
   experience, or the wisdom so acquired; -- opposed to inwit.
   [Obs.] --Piers Plowman.
   [1913 Webster]

WordNet (r) 3.0 (2006):

outwit
    v 1: beat through cleverness and wit; "I beat the traffic"; "She
         outfoxed her competitors" [syn: outwit, overreach,
         outsmart, outfox, beat, circumvent]

Moby Thesaurus II by Grady Ward, 1.0:

79 Moby Thesaurus words for "outwit":
   bamboozle, befool, beguile, betray, bluff, cajole, cheat on,
   circumvent, conjure, deceive, delude, diddle, double-cross, dupe,
   elude, evade, foil, forestall, frustrate, gammon, get around,
   get round, give the runaround, give the slip, go one better, gull,
   have, hoax, hocus-pocus, hoodwink, hornswaggle, humbug, juggle,
   let down, mock, outclass, outdo, outfigure, outflank, outfox,
   outgeneral, outgo, outguess, outjump, outleap, outmaneuver,
   outmarch, outpace, outperform, outplay, outpoint, outrange,
   outreach, outride, outrival, outrun, outshine, outsmart, outstep,
   outstrip, outvie, overjump, overleap, overmatch, overplay,
   overreach, override, pass the buck, pigeon, play one false,
   put something over, snow, stonewall, string along, take in, trick,
   two-time, undo, victimize