What is the meaning of Lookout?

A vantage point with a view of the surrounding area.

A session of watching for an approaching enemy, police, etc.

A person on watch for approaching enemy, police, danger, etc.

A subject for observation; a prospect or view.

One's perspective, outlook; hence, one's responsibility. (used with a possessive pronoun or a noun in a possessive form).

An observation window.

A joist that extends in cantilever out from the exterior wall (or wall plate) of a building, supporting the roof sheathing and providing a nailing surface for the fascia boards.

Source: wiktionary.org