it means bangin'...somethin' hot
damn dawg, cxt's rappin skillz are tha shizznet
1) A collective noun that could refer to anything. Can be used in a sentence, possibly when talking to another person about getting something.
2) Can also be used when talking about gear for a certain object
1) "Yo Bob, I'm getting some new shizznet today!"
2) "I need to get some computer shizznet soon!"