(wit) noun
1. The power of knowing or perceiving; intelligence; ingenuity; sagacity; keen or good sense.
2. The power or faculty of rapid and accurate observation; the power of comprehending and judging.
3. plural The mental faculties, as of perception and understanding: to use one's wits; also, the mental faculties with regard to their state of balance: out of her wits.
4. The ready perception and happy expression of unexpected or amusing analogies or other relations between apparently incongruous ideas; sudden and ingenious association of ideas or words causing delight and surprise; loosely, any form of humor which expresses irony or satire by a happy association of words.
5. One who has a keen perception of the incongruous or ludicrous and makes skilful use of it in writing or speaking; also, a clever conversationalist; one gifted in repartee or clever sayings.
6. Significance; meaning; import.
7. Obs. Mental activity.
—at one's wits' end At the limit of one's devices and resources; not knowing what to do.
—to live by one's wits To make a living by using one's practical intelligence and resourcefulness, often in unscrupulous or fraudulent ways. [OE] Synonyms: banter, drollery, facetiousness, fun, humor, jest, jocularity, joke, playfulness, pleasantry, raillery, waggery, waggishness. Wit is the quick perception of unusual or commonly unperceived analogies or relations between things apparently unrelated; it depends on the production of a diverting, entertaining, or merrymaking surprise. The analogies with which wit plays are often superficial or artificial; humor deals with real analogies of an amusing or entertaining kind, or with traits of character that are seen to have a comical side. Wit is keen, sudden, brief, and sometimes severe; humor is deep, thoughtful, sustained, and kindly. Pleasantry is lighter and less vivid than wit. Fun denotes the merry results produced by any fortuitous occasion of mirth, and is pronounced and often hilarious. Antonyms: gravity, seriousness, sobriety, solemnity, stolidity.

(wit) v.t. & v.i. Present indicative: I wot, thou wost, he wot, plural wite(n); pt. and pp. wist; ppr. wit·ting Archaic
To be or become aware (of); learn; know.
—to wit That is to say; namely; scilicet: used, especially in legal documents, to introduce a detailed statement or an explanation. [OE witan know]