A mistaken pronunciation and/or spelling of the Yiddish word "chutzpah" which was mocked recently on The Daily Show with Jon Stuart (Season 16 Episode 25).
1. (noun) A tooting vagina. Known for its stealth and high-flexibility. (Often used in sibling banter.)
2. (noun) A stolen moment of comic relief. A circumstance under which one cannot laugh, but sneaks an unheard giggle.
(Often used when others laugh, surreptitiously, at another's misfortune.)