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1.
the local non-chain burger joint near one's place of residence. Usually the restaurant has a "neighborhood feel" and reasonable prices, while serving a variety of artery clogging delights. Often named after the owner, such as "Mike's Fast Foods" or "Big Franks Hot Dogs".
lets go down to the local grease pit and grab a burger and some fries
by quiggler August 10, 2007
 
2.
The coolest place you'll ever hang out at. Right across from the snobby art students.

The people that hang out there are CAF.
Can be found at Roosevelt Highschool in Fresno
"Hey I'll meet you at the Grease pit"

"Hey you. Get back to the grease pit"
by GreaserGirl20 October 09, 2011
 
3.
A Bowl at a skate park. Like a pit. Which can be used for Bikes, or Skateboards.
The Grease Pit at the skate park is awesome!
by DRKSTR2012 February 25, 2008