From WordNet (r) 3.0 (2006):
bit n 1: a small piece or quantity of something; "a spot of tea"; "a bit of paper"; "a bit of lint"; "I gave him a bit of my mind" [syn: spot, bit] 2: a small fragment of something broken off from the whole; "a bit of rock caught him in the eye" [syn: bit, chip, flake, fleck, scrap] 3: an indefinitely short time; "wait just a moment"; "in a mo"; "it only takes a minute"; "in just a bit" [syn: moment, mo, minute, second, bit] 4: an instance of some kind; "it was a nice piece of work"; "he had a bit of good luck" [syn: piece, bit] 5: piece of metal held in horse's mouth by reins and used to control the horse while riding; "the horse was not accustomed to a bit" 6: a unit of measurement of information (from binary + digit); the amount of information in a system having two equiprobable states; "there are 8 bits in a byte" 7: a small amount of solid food; a mouthful; "all they had left was a bit of bread" [syn: morsel, bit, bite] 8: a small fragment; "overheard snatches of their conversation" [syn: snatch, bit] 9: a short theatrical performance that is part of a longer program; "he did his act three times every evening"; "she had a catchy little routine"; "it was one of the best numbers he ever did" [syn: act, routine, number, turn, bit] 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; "he looked around for the right size bit"