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BitTorrent 

BitTorrent is a popular file sharing program. It is most commonly used for large file downloads, such as movies and operating systems.

BitTorrent is also one of the most dangerous file sharing programs out there. With any download, you will recieve a small text file with the words "tracked by (webpage, eg: demonoid.com)". That webpage keeps a list of users IP addresses so other users can connect to them. This list of IPs is easily easily accessible to orginazations like the MPAA or the RIAA. In fact, nearly everyone who downloaded the partial source code for Microsofts' Windows platform recieved a letter from Microsoft.
Hey man, the MPAA busted my ass on BitTorrent!!!
BitTorrent by a pseudonym June 16, 2004
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BitTorrent 

A program that creates a network between users to make your downloads go really fast and all but eliminates leeching. It's pretty cool, dudes.
"Hey, BitTorrent is cool and stuff. It makes me want to sing songs of joy and happiness."
BitTorrent by Spacecow March 16, 2003

Bittorrent 

A media grabber used to torrent media, as simple as that,
Guy 1: hey dude i just got the tor browser on bittorrent!
Guy 2: wow ;)

Guy 3: wtf are u doing
Guy 1: going on the deep web
Guy 3: ok

Bittorrent Babysitting 

When you have nothing to do, so you just watch the torrent download until its done.
A (Over Phone): Hey man, what are you doing?
B: Not much, just Bittorrent babysitting my Shutter Island Download

BitTorrent discount 

To download DVDs, software, etc. using BitTorrent instead of purchasing, the digital equivalent of the Five finger discount
Person A: Hey, they've got Family Guy on DVD here for $20!
Person B: Don't waste your money - use the BitTorrent discount
BitTorrent discount by Jephiroth February 1, 2007

bittorment 

The feeling of anguish one experiences futilely trying to download a very large torrent file with few uploaders, and/or on a slow Internet connection.
Trying to download the latest Paris Hilton sex tape is giving me bittorment.
bittorment by Nicholas J Longtin September 19, 2008