look up any word, like pussy:
 
1.
Military slang (usually used by the ground combatants) meaning we are taking: heavy fire, casualties,in risk of being wiped out or overrun. Frequently heard in radio communications requesting assistance.
fragment of radio transmission: We are INNN the shit, get some air cover in here. -or- Jesus Christ, we are REALLY IN THE SHIT...double deep... need artillery now,,,goddamnit, NOW.
by pikkil47 November 17, 2009
77 4
 
2.
being in a really bad situation; feeling screwed
Fuck me, we're in the shit for $200,000.
by Gordon R. May 24, 2008
70 11