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1.
shortened term for "that is the shit, isn't it ?"
"that taco's the shiznit!"
by mierda March 18, 2003
 
2.
adj. 1) the best; 2) the greatest, in a certain category or universally; 3) gaddam' phenomenal, bi-atch!
Master says, "I'm the shiznit! Hell'z yeah!"
 
3.
More "urbanized" form of the shit. Basically means really, really good. Other versions include:hella cool,tight, the best.
Damn Tony! Your new ride is the shiznit! Lemme borrow it to drive by Mya's.
by Marimar June 10, 2004
 
4.
The shit, the best, awesome, sweet
Popeye's chicken is the shiznit
by Chaz December 04, 2003
 
5.
Expresses extensive emotional satisfaction or glorification of any given noun. Often used by those who lack the vocabulary to express the true essence of the situation.
Other meanings: Shit, fecies, poo, doodoo, dung, crap and excrement.

Shiznit can also be used interjectionally.

Generally "shiznit" can be seen as a last resort when all other means of expression fail.
Shiznit! That whip is the absolute and utter shiznit!
by Humpty Dizzle February 21, 2005
 
6.
An amazing thing, the best.
This cake is the shiznit
by blissey baby April 24, 2003
 
7.
1. Something either exceptionally good or exceptionally bad.
2. A variation of the word "shit".
1. "That movie was the shiznits!"
2. "You don't know shiznits; now go get me a damn beer!"
by Blah May 12, 2003