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Pronounced (RAY-SHIST) it is an unusual way to pronounce the word "racist" by african americans. It's a combination of poor english and use of the race card by african americans. It is more common to hear "rashis" in an imitation.
White dood: excuse me ma'am, I'm going to have to ask you to stop singing. Other students are still taking their test.

Heated Black Woman: NO, EXCUSE ME... this boy bein' rashis.

White dood: pardon me?

Heated Black Woman: Fuck you

White dood: I am going to send you to your principle.

Heated Black Woman: NO, dats rashis... there is way too much rashism in dis school.
by Two-Thousand and DREW March 25, 2010
A single, independent woman, who always likes to hang out with American men. But she secretly loves Indian guys, and will only marry and Indian guy.
Girl 1: What's the problem?
Girl 2: He's really cute, I want to make out with him.
Girl 1: You're such a Rashi. You only want him cuz he's from America.
by Streifen October 17, 2010