Append following line:

mo:2345:respawn:/usr/local/bin/monit -Ic /etc/monitrc

Now start monit:

# inittab -q

You can verify that monit is started from /var/log/message log file:

# tail -f /var/log/messageOutput:

Nov 21 04:39:21 server monit[8759]: Starting monit daemon Nov 21 04:39:21 server monit[8759]: Monit started

If lighttpd died, you will see something as follows in log file:

Nov 21 04:45:13 server monit[8759]: 'lighttpd' process is not running Nov 21 04:45:13 server monit[8759]: 'lighttpd' trying to restart Nov 21 04:45:13 server monit[8759]: 'lighttpd' start: /etc/init.d/lighttpd

You may use monit to monitor daemon processes or similar programs running on localhost or started from /etc/init.d/ location such as

=> Apache Web Server

=> SSH Server

=> Postfix/Sendmail MTA

=> MySQL etc


Further readings
monit man page
monit official web site and documenation