Yes, limit is a Scrabble word!

Verb

1. Place limits on (extent or access)

2. Restrict or confine, "I limit you to two visits to the pub a day"

3. Decide upon or fix definitely

Noun

1. The greatest possible degree of something

2. Final or latest limiting point

3. As far as something can go

4. The boundary of a specific area

5. The mathematical value toward which a function goes as the independent variable approaches infinity

6. The greatest amount of something that is possible or allowed