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1.
1) The act of moving from location A to location B

2) A commercial vehicle made by the Ford motor company and sold in the UK. Often used by parcel delivery companies
Sorry mate, your parcel was damaged in (a) Transit
by chart cat September 18, 2007
 
2.
A transit is a local transportation serbice. Most of the time the Transit service in your location is a bus, or several busses.
Fort McMurray Transit
FMT
by RaHVeN June 07, 2005
 
3.
If a girl is working for transit that means she is a "team player", meaning she allows numerous guys to have sex with her at once, or "run a train", hence the name transit.
"she ain't got a job, but she works for transit"
-Newz/Blockgang
by Nick Nice September 19, 2006
 
4.
1. Transvestite.
2. Transexual.
1. Dude, you're dating a transit.
2. Last week, he was a man, but over the weekend he became a woman with a totally different personality. What a transit!
by French038 December 01, 2005