Slang for frisbee or a game of ultimate frisbee. Can be a noun or verb.
A few examples:
1.(n.) Yo, knucklehead, throw me the frizz.
2.(n.) You guys down for some frizz?
3.(n.) Hey, let's go down to the beach and wow some hotties with our frizz skills.
4.(v.) Anybody wanna frizz it up?