Yes, lit is a Scrabble word!

Verb

1. Make lighter or brighter

2. Begin to smoke

3. To come to rest, settle

4. Cause to start burning; subject to fire or great heat

5. Fall to somebody by assignment or lot

6. Alight from (a horse)

Adjective

1. Provided with artificial light

2. Set afire or burning

Noun

1. The humanistic study of a body of literature