The Collaborative International Dictionary of English v.0.48:

Lot \Lot\ (l[o^]t), n. [AS. hlot; akin to hle['i]tan to cast
   lots, OS. hl[=o]t lot, D. lot, G. loos, OHG. l[=o]z, Icel.
   hlutr, Sw. lott, Dan. lod, Goth. hlauts. Cf. Allot,
   Lotto, Lottery.]
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   1. That which happens without human design or forethought;
      chance; accident; hazard; fortune; fate.
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            But save my life, which lot before your foot doth
            lay.                                  --Spenser.
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   2. Anything (as a die, pebble, ball, or slip of paper) used
      in determining a question by chance, or without man's
      choice or will; as, to cast or draw lots.
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            The lot is cast into the lap, but the whole
            disposing thereof is of the Lord.     --Prov. xvi.
                                                  33.
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            If we draw lots, he speeds.           --Shak.
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   3. The part, or fate, which falls to one, as it were, by
      chance, or without his planning.
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            O visions ill foreseen! Each day's lot's
            Enough to bear.                       --Milton.
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            He was but born to try
            The lot of man -- to suffer and to die. --Pope.
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   4. A separate portion; a number of things taken collectively;
      all objects sold in a single purchase transaction; as, a
      lot of stationery; -- colloquially, sometimes of people;
      as, a sorry lot; a bad lot.
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            I, this winter, met with a very large lot of English
            heads, chiefly of the reign of James I. --Walpole.
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   5. A distinct portion or plot of land, usually smaller than a
      field; as, a building lot in a city.
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            The defendants leased a house and lot in the city of
            New York.                             --Kent.
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   6. A large quantity or number; a great deal; as, to spend a
      lot of money; to waste a lot of time on line; lots of
      people think so. [Colloq.]
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            He wrote to her . . . he might be detained in London
            by a lot of business.                 --W. Black.
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   7. A prize in a lottery. [Obs.] --Evelyn.
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   To cast in one's lot with, to share the fortunes of.

   To cast lots, to use or throw a die, or some other
      instrument, by the unforeseen turn or position of which,
      an event is by previous agreement determined.

   To draw lots, to determine an event, or make a decision, by
      drawing one thing from a number whose marks are concealed
      from the drawer.

   To pay scot and lot, to pay taxes according to one's
      ability. See Scot.
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The Collaborative International Dictionary of English v.0.48:

Lot \Lot\, v. t. [imp. & p. p. Lotted; p. pr. & vb. n.
   Lotting.]
   To allot; to sort; to portion. [R.]
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   To lot on or To lot upon, to count or reckon upon; to
      expect with pleasure. [Colloq. U. S.]
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WordNet (r) 3.0 (2006):

lot
    n 1: (often followed by `of') a large number or amount or
         extent; "a batch of letters"; "a deal of trouble"; "a lot
         of money"; "he made a mint on the stock market"; "see the
         rest of the winners in our huge passel of photos"; "it must
         have cost plenty"; "a slew of journalists"; "a wad of
         money" [syn: batch, deal, flock, good deal, great
         deal, hatful, heap, lot, mass, mess, mickle,
         mint, mountain, muckle, passel, peck, pile,
         plenty, pot, quite a little, raft, sight, slew,
         spate, stack, tidy sum, wad]
    2: a parcel of land having fixed boundaries; "he bought a lot on
       the lake"
    3: an unofficial association of people or groups; "the smart set
       goes there"; "they were an angry lot" [syn: set, circle,
       band, lot]
    4: your overall circumstances or condition in life (including
       everything that happens to you); "whatever my fortune may
       be"; "deserved a better fate"; "has a happy lot"; "the luck
       of the Irish"; "a victim of circumstances"; "success that was
       her portion" [syn: fortune, destiny, fate, luck,
       lot, circumstances, portion]
    5: anything (straws or pebbles etc.) taken or chosen at random;
       "the luck of the draw"; "they drew lots for it" [syn: draw,
       lot]
    6: any collection in its entirety; "she bought the whole
       caboodle" [syn: bunch, lot, caboodle]
    7: (Old Testament) nephew of Abraham; God destroyed Sodom and
       Gomorrah but chose to spare Lot and his family who were told
       to flee without looking back at the destruction
    v 1: divide into lots, as of land, for example
    2: administer or bestow, as in small portions; "administer
       critical remarks to everyone present"; "dole out some money";
       "shell out pocket money for the children"; "deal a blow to
       someone"; "the machine dispenses soft drinks" [syn:
       distribute, administer, mete out, deal, parcel out,
       lot, dispense, shell out, deal out, dish out,
       allot, dole out]