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1.
"Is the shit" is a phrase that is grammaticly incorrect. The phrase implies that something, or someone "is the shit", not suggesting the negative meaning of the word "Shit". The word "shit" is infact transformed in to a very strong, positive word, when put in this sentence; it can describe almost everything.
My bike is the shit

Andrews mother is the shit

pancakes is the shit

I am the shit

he is the shit

she is the shit

you are the shit

they are the shit

And if maybe a picture is taken and (ex) a car is pictured, it can be discribed like this; Car is the shit. or any other adjective, subs. verb. etc.
by Carl Fernandez March 05, 2006
 
2.
a phrase that implies the exact opposite of what it entails, instead of a negative connotation. Many a netizen have mistaken "is the shit" for implying what it literally means. What doesn't help is those who use it incorrectly as well. The plural form of "is the shit" is "are the shit".
Example 1: Damn! Lady GaGa is the shit because she is a more smarter and sluttier whore Britney Spears will ever be.

Example 2: Peter North has a big mother-****ing penis that owns your micropenis, so therefore he is the shit.

Example 3: That bitch's tits are the shit!
by Deddie Mukaca July 22, 2009
 
3.
After smoking weed and getting high. One enters the realm of social networking with friends and starts a conversation exclusive as of containing the word "I" followed by any other word. The receiver of these messages should replying in the same taste following these simply rules. These conversation may stretch to any point as long as the rules are never broken. The conversation may last indefinitely.
"I's the Shit"
High Guy #1: I laugh.
High Girl #1 :I smile.
High Guy #1 :I love
High Girl #1: I admire

ETC...
by BinaryTakeout January 25, 2010