used to describe a feeling when shit is about to go down
"meg is going to fight Andrea! it's lit!"
Something that happens when things go DOWN like when you go to a party and the music bouta drop
When something is turned up or popping ...
John : did you go to Apollo's party last night
Daquan : yes that shit was lit
Short version of legitimate or legit.
Damn Daniel your white Vans are lit!