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When the location you're at or the action you're doing is live, hype or "Turnt".
Boy 1: Bruh this party is poppin dude
Boy 2: Yeah man, its lit.
It has become ignited; on fire.
Things and/or people are now lit and/or intoxicated, fam. Shit's getting pretty crazy out here. You sure you wanna stay at home with that girlfriend that ain't lit and ain't put out?
Aight, fam, its lit, let's kick this pig
Writing a cover letter at the back table of your office holiday party.
Never before have I felt such confidence in my ability to summarize my being and purpose in so few paragraphs; its lit!
bro, you seen the new Hot Cheetos thickburger at Carl's JR? Its lit
when you're so high that you want the lighter to light the bowl so you say its lit and then it lights up
hey bro, I'm packing a bowl its lit...(queue the lights)
It's lit. This is the most lit phrase in the english language. It's really lit tbh.
Person 1 : " I wanna die."
Person 2 : " Its lit fam."
Person 1 : " So lit. XD."
This is dope as hell or this is a hyped up situation. Describing a moment where it is too turnt the fuck up.
White boy John: I got the weed, now it's a party!
White boy Jason: Oh shit! Its fucking lit!