In Mexico is used majorly as an abbreviated form of the word "literal" or "literally".
I'm outside your house, lit I'm at the door
Yesterday i got so wasted, lit I can't remember how i get back to my home
In Mexico is used as an abbreviated form to the word "literal"
I'm outside your house, lit, I'm in front of the door
Estoy afuera se tú casa, lit, estoy en frente de la puerta