a combination to the the words "fuck" and "shiznit," used as an exclamation to describe something which can be both good and bad for the person making the exclamation.
Aw fiznit, I gotta drive all the way to the bank to cash my paycheck.
by RoboSpy March 12, 2004
the act of blowing up a racoon, or yet a coke can..
Hey, look over there Kevin and Cam just fiznited! It was cool.
by morganalexbaileygretamolly December 12, 2008