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2.
used to express the unlikelyhood of something happening.
person: would you pop to the stores and get some milk?
james: Shiiit!

person:do you think you've got a chance with that girl?
James: Shiiit!

James: I really like doing this newspaper...shiiit!
by Joe Blow November 25, 2004
 
1.
Expression of extreme disbelief used by Senator Clay Davis from The Wire.
shiiiit.com
by YYC June 04, 2011