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1.
A rarified form of "bullshit" used primarily by professionals, identifiable by its marked intellectual and scientific, legal, financial or similarly technical content presented in a manner designated to obfuscate, mislead, faze or daze.
Dude! Did you hear the CFO spinshit explaining the fourth quarter loss?
by ExWallStreetguy January 24, 2013
 
2.
verb : to spin shit

To babble on about something in a conversation.
In which the truth can be a little bent, somewhat.
Gees that blonde girl sure does spin shit. Is there any truth in her conversations whatsoever?
by masterluke December 14, 2006