2.) Obviously another word for poop.
3.) Stuff that is bad ass, a universal word that can be used in any situation. Inflection and preface conversation clearly defines the word.
Man, that bitch is the shizank!
Clearly a positive comment.
If an ugly woman/man walks by, you can say:
Damn, that (chick/dude) looks like shizank!
Clearly a negative comment.