Your question can be broken down into a few parts.
First, you are multiplying a list, which leverages the __mul__() magic method.
s.__mul__(n) -> results in s * n--repeated concatenation.
>>> a = [1,2,3]
>>> a * 3
[1, 2, 3, 1, 2, 3, 1, 2, 3]
Furthermore, trying to initialize a list of lists will result in a list referencing three inner list, which is probably not what you want.
>>> a = [[]]
>>> a * 3
[[], [], []]
Second, you have created a key-value pair where the value is a list.
"limited" is the key to a list with three elements [1,2,3]
>>> dicty = {'limited': [1, 2, 3]}
>>> dicty['limited']
[1, 2, 3]
Third, you are essentially updating the 0th element in the list.
>>> dicty['l'][0] = 100
>>> dicty
{'l': [100, 2, 3]}