Word originated in New Orleans (where i am from). It is a 1990's word that started in new orleans that means cool, tight, nice, or anything of that nature. In the Bigtymers(who are from new orleans) song "still fly" when he says "dont got no job, but im stay shive." most people think he says "sharp" when infact, he says shive. most people dont know the word shive, so they assume he says sharp, which he doesn't.
if you look good you can say something like..."man, i look shive today dont i?" or if they have a good looking car or something, you could say, "man, thats a shive car." you can use it in the place of "cool".