Site is both a noun and a verb.

As a noun, site refers to the place where something is or was located;  in the world of the Internet, site refers to a virtual place on the World Wide Web (website):

• Four new houses would be built on the site of the old barn.
• Archaeologists had cordoned off the site of the medieval village, looking for ancient artefacts.
• A click of your mouse can take you to a useful site containing all the information you need.

As a verb site means to place or locate:

• It was decided to site the prison well away from the centre of the town.
• The house was sited too close to the edge of the cliffs, making it vulnerable because of possible erosion.

Cite is a verb which can mean to mention or quote as an authority, example or proof, or to commend or honour:

• It is vital to cite your sources in an academic study.
• She was fond of citing the poem ‘Ozymandias’ when talking about the futility of wealth and power.
• Her grandfather was cited for bravery after rescuing a drowning man.