iiwii - pronounced ('e'-'wee') - It Is What It Is. 1) An all encompassing short word to sum up an agreed upon and or well understood simple and obvious situation or action. 2) A simple reply to an obvious statement of fact of which there is little or nothing that can be done to change the situation or action.
1) "This party is out of control!"
'Well my friend, iiwii.'
2) "These guys stink, there is no way they are going to the playoffs."
Iiwii my man, iiwii.