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How an infant, or someone not well versed in English pronunciation, might pronounce the word "penis."
Two-year old: I yav a penits! RAWR!
by NinjaJoey August 22, 2008
A person with with both sets of reproductive organs (a Hermaphrodite). "PEN" derives from the word penis, whilst "IT" derives from the word clit.
"d00d, that thing has a penit."
by C. Poe January 12, 2008
a term used to describe areas or buildings that are designated as legal graffiti areas.
Miami has the most well known graffiti penits.
by bevus1 January 01, 2014
Having a small penis.
Dylan has a penit.

Girls don't like Dylan's penit.

You refer to Dylan's small penis as a penit.
by Brooks Hanna November 03, 2007