The Collaborative International Dictionary of English v.0.48:

Outwit \Out*wit"\, v. t.
   1. To surpass in wisdom, esp. in cunning.
      [1913 Webster]

   2. To defeat or gain an advantage over by superior craft or
      cunning stratagems; as, the thief outwitted his pursuers
      and left the country undetected.
      [PJC]

            They did so much outwit and outwealth us ! --Gauden.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Outwit \Out"wit\, n.
   The faculty of acquiring wisdom by observation and
   experience, or the wisdom so acquired; -- opposed to inwit.
   [Obs.] --Piers Plowman.
   [1913 Webster]

WordNet (r) 3.0 (2006):

outwit
    v 1: beat through cleverness and wit; "I beat the traffic"; "She
         outfoxed her competitors" [syn: outwit, overreach,
         outsmart, outfox, beat, circumvent]