Yes, bit is a Scrabble word!

Verb

1. To grip, cut off, or tear with or as if with the teeth or jaws

2. Cause a sharp or stinging pain or discomfort

3. Penetrate or cut, as with a knife

4. Deliver a sting to

Noun

1. A small piece or quantity of something

2. A small fragment of something broken off from the whole

3. An indefinitely short time

4. An instance of some kind

5. Piece of metal held in horse's mouth by reins and used to control the horse while riding

6. A unit of measurement of information (from binary + digit); the amount of information in a system having two equiprobable states

7. A small amount of solid food; a mouthful

8. A small fragment

9. A short theatrical performance that is part of a longer program

10. The part of a key that enters a lock and lifts the tumblers

11. The cutting part of a drill; usually pointed and threaded and is replaceable in a brace or bitstock or drill press