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1.
A way to diss Microsoft (or Micro$oft)... derrr...
"Microsoft? More like Micro$hit!"

"Micro$hit sucks ass! Bill Gates is evil!"
by Nsider May 24, 2004
 
2.
A rendition of the word "Microsoft" used by wannabe-hackers and computer luddites the world over.
"i woz using micro$hit windoze, da shame"
by !MNc99 March 24, 2005