The Collaborative International Dictionary of English v.0.48:

Light \Light\, v. t. [imp. & p. p. Lighted (l[imac]t"[e^]d) or
   Lit (l[i^]t); p. pr. & vb. n. Lighting.] [AS. l[=y]htan,
   l[imac]htan, to shine. [root]122. See Light, n.]
   1. To set fire to; to cause to burn; to set burning; to
      ignite; to kindle; as, to light a candle or lamp; to light
      the gas; -- sometimes with up.
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            If a thousand candles be all lighted from one.
                                                  --Hakewill.
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            And the largest lamp is lit.          --Macaulay.
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            Absence might cure it, or a second mistress
            Light up another flame, and put out this. --Addison.
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   2. To give light to; to illuminate; to fill with light; to
      spread over with light; -- often with up.
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            Ah, hopeless, lasting flames! like those that burn
            To light the dead.                    --Pope.
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            One hundred years ago, to have lit this theater as
            brilliantly as it is now lighted would have cost, I
            suppose, fifty pounds.                --F. Harrison.
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            The sun has set, and Vesper, to supply
            His absent beams, has lighted up the sky. --Dryden.
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   3. To attend or conduct with a light; to show the way to by
      means of a light.
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            His bishops lead him forth, and light him on.
                                                  --Landor.
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   To light a fire, to kindle the material of a fire.
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The Collaborative International Dictionary of English v.0.48:

Light \Light\, v. i. [imp. & p. p. Lighted (l[imac]t"[e^]d) or
   Lit (l[i^]t); p. pr. & vb. n. Lighting.] [AS. l[imac]htan
   to alight orig., to relieve (a horse) of the rider's burden,
   to make less heavy, fr. l[imac]ht light. See Light not
   heavy, and cf. Alight, Lighten to make light.]
   1. To dismount; to descend, as from a horse or carriage; to
      alight; -- with from, off, on, upon, at, in.
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            When she saw Isaac, she lighted off the camel.
                                                  --Gen. xxiv.
                                                  64.
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            Slowly rode across a withered heath,
            And lighted at a ruined inn.          --Tennyson.
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   2. To feel light; to be made happy. [Obs.]
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            It made all their hearts to light.    --Chaucer.
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   3. To descend from flight, and rest, perch, or settle, as a
      bird or insect.
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            [The bee] lights on that, and this, and tasteth all.
                                                  --Sir. J.
                                                  Davies.
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            On the tree tops a crested peacock lit. --Tennyson.
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   4. To come down suddenly and forcibly; to fall; -- with on or
      upon.
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            On me, me only, as the source and spring
            Of all corruption, all the blame lights due.
                                                  --Milton.
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   5. To come by chance; to happen; -- with on or upon; formerly
      with into.
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            The several degrees of vision, which the assistance
            of glasses (casually at first lit on) has taught us
            to conceive.                          --Locke.
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            They shall light into atheistical company. --South.
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            And here we lit on Aunt Elizabeth,
            And Lilia with the rest.              --Tennyson.
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The Collaborative International Dictionary of English v.0.48:

Lit \Lit\ (l[i^]t),
   1. a form of the imp. & p. p. of Light.
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   2. Under the influence of alcohol; intoxicated; inebriated;
      drunk; -- often used with up. [slang]
      [PJC]

WordNet (r) 3.0 (2006):

lit
    adj 1: provided with artificial light; "illuminated
           advertising"; "looked up at the lighted windows"; "a
           brightly lit room"; "a well-lighted stairwell" [syn:
           illuminated, lighted, lit, well-lighted]
    2: set afire or burning; "the lighted candles"; "a lighted
       cigarette"; "a lit firecracker" [syn: lighted, lit] [ant:
       unlighted, unlit]
    n 1: the humanistic study of a body of literature; "he took a
         course in Russian lit" [syn: literature, lit]

Moby Thesaurus II by Grady Ward, 1.0:

73 Moby Thesaurus words for "lit":
   ablaze, afflicted, aglow, alight, bathed with light, bent,
   bespangled, boiled, bombed, boozy, brightened, candlelit, canned,
   cockeyed, cockeyed drunk, crocked, crocko, disguised, drunk,
   elevated, enlightened, firelit, fried, fuddled, gaslit,
   half-seas over, high, illuminated, in a blaze, inebriated,
   irradiate, irradiated, lamplit, lanternlit, lighted, lightened,
   lit up, loaded, lubricated, luminous, lushy, moonlit, muddled,
   muzzy, oiled, organized, pickled, pie-eyed, pissed, pissy-eyed,
   pixilated, plastered, polluted, potted, raddled, shellacked,
   skunk-drunk, smashed, soaked, soused, spangled, squiffy,
   star-spangled, star-studded, starlit, stewed, stinko, studded,
   sunlit, swacked, tanked, tight, tinseled