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1.
50-11 (pronounced fitty-lebbem) represents the number 550, in the pimpin' game.

It is actually fifty times eleven, which equals 550.
Pimp 1: "Man I ain't no Gorilla Pimp. I got me 7 bitches who bring dat money home to ME! Everythang's gravy baby!

Pimp 2: " You just a Popcorn! I got 50-11 Ho's and ain't a day goes past, dat I don't kick 20-10 of 'em in their motherfuckin' ass!
by Knowledge Doctor May 11, 2008
 
2.
A term used to describe a lot of something...an unknown number (pronounced fity leven)
"I done came to the club bout 5011 times" - Ying Yang twins
by MMCY July 28, 2006
 
3.
An ample amount of whatever. Something you have a hole shit load of.
I have 5011 (fifty-eleven) bitches in my truck right now
by Nate Young April 01, 2006