1. One's home, place of residence. e.g. "Layin' in the cot (not cut)" (Stems from the word cottage)
2. A camping bed, or transportable mattress.
3. A child's crib. (Esp. British)
The most popular entry for this word (as it pertains to definition 1) on Urban Dictionary, uses a definite misinterpretation of the following lyric off Snoop Dogg's "Gin 'n' Juice":
"'Cause when I buss my nut, I'm raising up out the Cot." As corroborated by the ensuing line--"Don't be upset girl, that's just how it goes/ I don't love you hoes, I'm out the door..."--the literal meaning is: "As soon as I come (ejaculate), I'm out of the house."