From The Collaborative International Dictionary of English v.0.48:
Loot \Loot\ (l[=oo]t), n. [Hind. l[=u][.t], Skr. l[=o]tra, l[=o]ptra, booty, lup to break, spoil; prob. akin to E. rob.] 1. The act of plundering. [1913 Webster]
2. Plunder; booty; especially, the booty taken in a conquered or sacked city. [1913 Webster]
3. Hence: Anything stolen or obtained by dishonesty. [PJC]
4. Broadly: Valuable objects; as, the child was delighted with all the loot he got for his birthday. [PJC]
5. Money; as, you shouldn't carry all that loot around with you in the city; she made a pile of loot from trading in cattle futures. [slang] [PJC]
From The Collaborative International Dictionary of English v.0.48:
Loot \Loot\, v. t. & i. [imp. & p. p. Looted; p. pr. & vb. n. Looting.] To plunder; to carry off as plunder or a prize lawfully obtained by war. [1913 Webster]
Looting parties . . . ransacking the houses. --L. Oliphant. [1913 Webster]