look up any word, like guncle:
 
1.
It is a compliment towards someone. It roughly translates to, 'You are the coolest." Other adjectives could be in place of coolest, such as, most awesome, best and any other complimentary adjectives.
Bill exclaimed to Joe, "you're the shit!" after Joe took Bill to a party and had enormous amounts of fun.
by Betsy February 24, 2005