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1.
A commonly used phrase used to display dismay or awe.
Shiiiiit biatch, this mofo ain't pimpin'!
by Freddy January 13, 2003
 
2.
Shiiiiit is commonly used in jive and other shit like that.
Shiiiiit foo wadup yo y'all pimpin it up homies?
by Freddy January 13, 2003