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1.
What you say to someone who either kills a joke or says something stupid.this is then followed by 'Shut up bill' when that person tries to redeem themselves and fails yet again.
idiot:The moons a planet , right?
person 1: Billed it
idiot:Im just joking , honestly.
Person 2: shut up Bill.
by rty325 January 21, 2012
 
2.
It is the word used to describe the complete and utter failure of any activity performed by someone trying too hard to be "cool".
The act is usually followed by slight ridicule and the chanting of the word every time that person tries to speak, for a short time.
"Hey guys, Rudi just tried to give me shit advice and totally billed it."

"But my mum liked it when i gave it to her last nigh..."

"Billed it."

"But i..."

"BILLED IT!!!"
by loy411 December 23, 2012