When you loft something, you throw it high into the air, the way a baseball player might loft a ball from the outfield all the way to first base.
Any way you propel an object — whether you throw, kick, or slingshot it — if it launches up and across a distance, you loft it. Another kind of loft is the large, open space above a warehouse or shop in which people live or work. Artists are particularly well known for having apartments or studios in lofts. This is closest to the word's original meaning, "an upper chamber," from the Old English loft, which means "the sky."