A. The cheap incarnation of a baller, ie. "baller-light".
B. One possessing the attitude of a 'baller', sans the money, cloths, bling, street cred, wheels, bitches, and has yet to make it big. Probably wont.
C. Characteristics of cheep-ass-ness.
Observer: Yo, that ballits is taking that girl out for a date. A date at McDonalds for 35 cent cheese burgers. WITH no fries.