The Collaborative International Dictionary of English v.0.48:

Outfit \Out"fit\, n.
   1. A fitting out, or equipment, as of a ship for a voyage, or
      of a person for an expedition in an unoccupied region or
      residence in a foreign land; the expense of, or allowance
      made for, equipment, as by the government of the United
      States to a diplomatic agent going abroad.
      [1913 Webster]

   2. Hence: Any assemblage of objects required for or used in
      performing a task; things required as equipment for a
      task.
      [PJC]

   3. A complete ensemble of clothing, selected to form a
      matching set; a coordinated costume; as, a new Easter
      outfit.
      [PJC]

   4. A business enterprise; as, what outfit do you work for?.
      [informal]
      [PJC]

   5. Any team or party of people.
      [PJC]

WordNet (r) 3.0 (2006):

outfit
    n 1: any cohesive unit such as a military company
    2: a set of clothing (with accessories); "his getup was
       exceedingly elegant" [syn: outfit, getup, rig,
       turnout]
    3: gear consisting of a set of articles or tools for a specified
       purpose [syn: kit, outfit]
    v 1: provide with (something) usually for a specific purpose;
         "The expedition was equipped with proper clothing, food,
         and other necessities" [syn: equip, fit, fit out,
         outfit]