Loft and Lie

Can someone explain to me loft and lie, actually I know what loft is in relation to a club but what is meant by "lie" in relation to lets say a pitching wedge. When you purchase clubs you see the specs as Loft 48 degree's and lie 63 degree's, what is the meaning of lie?

Lie angle is, and I quote:

"The angle in degrees between the center line of the hosel and the sole of the clubhead, when the sole is touching the ground at the center of the face scoring area" (Practical Clubfitting Program).

It's a reference to how upright or flat your club sits at address. If they're toe down, you say your lie is flat. If they're toe up, you say they're upright.