used much like its cousin "alright" except only in very serious situations, due to something like the danger or urgency involved
Alright: (a pedestrian phrase)
"Hey we're going to the movies"-"Alright, see you there"
Altight: (not just some throwaway garbage like alright)
"Dude you just got curb-stomped
by that guy!!"-"Don't worry bout it man i'm altight"-"OK, good, i wanted to make sure you were altight"