The Collaborative International Dictionary of English v.0.48:

Loot \Loot\ (l[=oo]t), n. [Hind. l[=u][.t], Skr. l[=o]tra,
   l[=o]ptra, booty, lup to break, spoil; prob. akin to E. rob.]
   1. The act of plundering.
      [1913 Webster]

   2. Plunder; booty; especially, the booty taken in a conquered
      or sacked city.
      [1913 Webster]

   3. Hence: Anything stolen or obtained by dishonesty.
      [PJC]

   4. Broadly: Valuable objects; as, the child was delighted
      with all the loot he got for his birthday.
      [PJC]

   5. Money; as, you shouldn't carry all that loot around with
      you in the city; she made a pile of loot from trading in
      cattle futures. [slang]
      [PJC]

The Collaborative International Dictionary of English v.0.48:

Loot \Loot\, v. t. & i. [imp. & p. p. Looted; p. pr. & vb. n.
   Looting.]
   To plunder; to carry off as plunder or a prize lawfully
   obtained by war.
   [1913 Webster]

         Looting parties . . . ransacking the houses. --L.
                                                  Oliphant.
   [1913 Webster]

WordNet (r) 3.0 (2006):

loot
    n 1: goods or money obtained illegally [syn: loot, booty,
         pillage, plunder, prize, swag, dirty money]
    2: informal terms for money [syn: boodle, bread, cabbage,
       clams, dinero, dough, gelt, kale, lettuce,
       lolly, lucre, loot, moolah, pelf, scratch,
       shekels, simoleons, sugar, wampum]
    v 1: take illegally; of intellectual property; "This writer
         plundered from famous authors" [syn: loot, plunder]
    2: steal goods; take as spoils; "During the earthquake people
       looted the stores that were deserted by their owners" [syn:
       plunder, despoil, loot, reave, strip, rifle,
       ransack, pillage, foray]