The Collaborative International Dictionary of English v.0.48:

Limit \Lim"it\ (l[i^]m"[i^]t), n. [From L. limes, limitis: cf.
   F. limite; -or from E. limit, v. See Limit, v. t.]
   1. That which terminates, circumscribes, restrains, or
      confines; the bound, border, or edge; the utmost extent;
      as, the limit of a walk, of a town, of a country; the
      limits of human knowledge or endeavor.
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            As eager of the chase, the maid
            Beyond the forest's verdant limits strayed. --Pope.
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   2. The space or thing defined by limits.
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            The archdeacon hath divided it
            Into three limits very equally.       --Shak.
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   3. That which terminates a period of time; hence, the period
      itself; the full time or extent.
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            The dateless limit of thy dear exile. --Shak.
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            The limit of your lives is out.       --Shak.
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   4. A restriction; a check; a curb; a hindrance.
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            I prithee, give no limits to my tongue. --Shak.
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   5. (Logic & Metaph.) A determining feature; a distinguishing
      characteristic; a differentia.
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   6. (Math.) A determinate quantity, to which a variable one
      continually approaches, and may differ from it by less
      than any given difference, but to which, under the law of
      variation, the variable can never become exactly
      equivalent.
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   Elastic limit. See under Elastic.

   Prison limits, a definite, extent of space in or around a
      prison, within which a prisoner has liberty to go and
      come.

   Syn: Boundary; border; edge; termination; restriction; bound;
        confine.
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The Collaborative International Dictionary of English v.0.48:

Limit \Lim"it\ (l[i^]m"[i^]t), v. t. [imp. & p. p. Limited; p.
   pr. & vb. n. Limiting.] [F. limiter, L. limitare, fr.
   limes, limitis, limit; prob. akin to limen threshold, E.
   eliminate; cf. L. limus sidelong.]
   To apply a limit to, or set a limit for; to terminate,
   circumscribe, or restrict, by a limit or limits; as, to limit
   the acreage of a crop; to limit the issue of paper money; to
   limit one's ambitions or aspirations; to limit the meaning of
   a word.
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   Limiting parallels (Astron.), those parallels of latitude
      between which only an occultation of a star or planet by
      the moon, in a given case, can occur.
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The Collaborative International Dictionary of English v.0.48:

Limit \Lim"it\, v. i.
   To beg, or to exercise functions, within a certain limited
   region; as, a limiting friar. [Obs.]
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WordNet (r) 3.0 (2006):

limit
    n 1: the greatest possible degree of something; "what he did was
         beyond the bounds of acceptable behavior"; "to the limit of
         his ability" [syn: limit, bound, boundary]
    2: final or latest limiting point [syn: terminus ad quem,
       terminal point, limit]
    3: as far as something can go
    4: the boundary of a specific area [syn: limit, demarcation,
       demarcation line]
    5: the mathematical value toward which a function goes as the
       independent variable approaches infinity [syn: limit,
       limit point, point of accumulation]
    6: the greatest amount of something that is possible or allowed;
       "there are limits on the amount you can bet"; "it is growing
       rapidly with no limitation in sight" [syn: limit,
       limitation]
    v 1: place limits on (extent or access); "restrict the use of
         this parking lot"; "limit the time you can spend with your
         friends" [syn: restrict, restrain, trammel, limit,
         bound, confine, throttle]
    2: restrict or confine, "I limit you to two visits to the pub a
       day" [syn: limit, circumscribe, confine]
    3: decide upon or fix definitely; "fix the variables"; "specify
       the parameters" [syn: specify, set, determine,
       define, fix, limit]