What is the limit of pick list custom fields?

What is the limit of pick list custom fields?

I'm trying to upload a number of values on a custom pick list field I made, and past 1194 records, it gives me an "unable to " process your request" error. What's the current limit and can it be modified? I have around 2360 records I need to put in there. 

If it's not possible, can you give me a work around?

Thank you.