Choolits is a word children or lame teenagers shout behind a teachers back or in the middle of a class to make their friends laugh.
Normally spoken in a stupidly funny voice.
It can be coupled with the words Oooits, W-d-gunday-haay, Hyerrrp and Sshnoinggg.
Teacher: Joshua shut up and get out of my room!
Joshua's friend Kadeem: CHOOLITS!