1. The condition that befalls certain fabrics when put through the wash, or after rainfall, or simply over a long period of use.
This word is not to be confused with shrinkage, which is when your balls freeze up.
2. "Hey, what's up with the shrinkitsity? I just bought this t-shirt yesterday."
3. "Aw, I've got some shrinkitsity." "No, man, that's shrinkage if it's in your balls."