To lose one's nerve and quit, to cancel due to lack of courage, to bottle it.
See shit up
Also to back out of a promise or deal.
Ten people said they were coming but five of them shit out.
when something or a situation can be defined as negative or bad.
Dude my gf cheated on me last night. Man that is shit out!
when something, whether it be an object or person, breaks to a point of disrepair and/or no functioning uselessness
The car was running fine until you let it shit out!!!
If you'd have taken it to get fixed, it wouldn't have shit out!!
You've been throwing that book around for years, now its all shit out!!
We'd still be able to use it if you wouldn't have let it shit out.
When someone kills you on call of duty, and you really are quite seriously considering murder. Like proper full on murder.
Ben: arrrr josh u just got killed man.
Josh: ARRRR SHIT OUT!!