Yes, lit is in the scrabble dictionary
...and is worth 4 points by itself.
2. Literal; literally.
1. Informal. Drunk or drugged. Often used with up.
2. Affected by alcohol.
1. Informal Literature: enjoyed my course in French lit.
1. A past tense and a past participle of light1. See Usage Note at light1.
2. A past tense and a past participle of light2.
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