-Adjective
Back in the day, this meant 'cool', 'turnt', or 'crazy'. Usually used in a event situation or to describe a rap song. Nowadays only used by cringey or otherwise annoying people.
Situation One -
Twelvie: Yooo dude this song is LIT! I'm gonna' play it at my party 2nite!
Respectable young lad: Dude, you're so cringe, man. No-one should say 'lit' anymore.
Situation Two -
Person One: Oh my god, did Tammy really just say 'lit'? I hate humanity.
Person Two: Ugh. I think people who still say 'lit' should be burned at the stake.