cluster of dried grime on the corner of the mouth and lips; usually found on individuals who don't know how to clean their mouths or just don't clean themselves in general
a: 'hey what's that on your lip?'
b: 'its just lipshit!
Lipstick or other lip crud that accumulates on a person's coffee mug, soda can, drinking straw, etc.
The lipshit on that can of Tab came from Mary's lipstick.