1.A piece of jewelry so ostentatiously expensive that it is fit for royalty.
2.A weapon (or any other object) that is incredibly important and hidden from sight (in reference to King Tut's hidden tomb).
Ghostface Killah: Oh shit! Bookhead, just bought a 5, G had a King Tut Piece
verb: the act of taking someone to task with above stated phallic object
adjective: Someone who behaves as said phallic object or a very BIG deal
Verb: Ol' girl got a "F" on her term paper...yeah the professor really gave her the king tut piece.
Adjective: Richard is such a tut piece!!!
Man, Livia's party is going to be the KING TUT PIECE!!! I'm talkin' five freaks to each guy!!!