A person that screws other people over.
"Now I see why people call you drill bit.
Because you screw people!"
Drillbit Taylor - 2008
A tiny penis, unworthy of any girls attention
girl number 1: Did you hook up with that guy from the bar last night?
girl number 2: Nah. When i got him naked, he was packin a drill bit.
girl number 1: What a loser.