I suppose the answer starts with 'It depends how you want to use it...'.
If you're writing the common business app (fetch the data from the database, display the data in a web page or window, save the data to the database), Lua already has what you need.
The Kepler Project contains goodies for web development. Check out their modules to see some of the available libraries - there's network, MVC, DBMS access, XML, zip, WSAPI, docs...
As an example web app, check out Sputnik.
For desktop UI, there's wxLua - Lua hooks for wxWidgets.
ORM is conspicuously missing but that didn't stop people from developing in other languages before ORM was available.
If you're looking for specialized libraries - scientific, multimedia , security - don't count Lua out before you check LuaForge.
When it comes down to it, there's nothing in Lua's design that prevents general purpose use. It just happens to be small, fast, and easy to embed... so people do.