A fun euphemism for the state of blackout intoxication that one achieves by consuming excessive amounts of alcohol; when one gets so "lit" that they must "quit".
Hey Chad, how was the party?
Man, I got so ripped I had to lit quit. I don't remember being brought home, but I am told that I kissed Mikey's hand repeatedly and called him a medieval sire.
Chad, you're fucked.