1. Used by weightlifters to ask someone to observe themself while lifting weights. The primary purpose of which is a safety measure in case the weightlifter is so tired that the weight will fall on him causing bodily injury.
2. To ask someone to lend you money.
1. Hey Bruce, after you oil up my muscles can you spot me while I lift?
2. Hey Bruce, I'm a little short on money. Can you sot me some cash for the hot tubs?