While smoking weed at a blessed shrine, at the peak of your high, it is said by some that a great beast arrives named The Bizwomp. The Bizwomp is covered in a furry purple shag. His eyes are on the palms of his hands and he is believed to (when angry) ROAR with beastial vigor! So when you smoke weed... do a dance for the Bizwomp so that he doesnt eat your babies.
Quite literally means "bit" and can replace it in the phrase inabit / in a bit, meaning later or goodbye.
Can also occasionally be used to replace the word "bit" in other contexts.