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1.
The combination of two words: Appreciate & It, but spelled as it is spoken, as if made up of four words: Pre she ate it.

Commonly used by African Americans to thank someone after helping or providing a beneficial service to them; replacing the phrase "I appreciate your help."

The term is often used sarcastically as well.
Example

Dude: Hey man, where dat cheap ass licka store at?
Bro: Yo, it's down on da cona brah.
Dude: Presheateit man.
by Dee Eff See January 26, 2011