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1.
Originally used to mean a young man, new to the game. By new to the game, I don't mean he just meant a rapper, but he just started selling crack, just started rapping, whatever, but even simpler it was a term used to mean just a person much younger than you.

Now, commercial rappers have turned the meaning upside down to mean a 'fine female', apparently.
"shorty's laugh was cold blooded as he spoke so foul,
Only twelve trying to tell me that he liked my style"
-NaS, 1994

"Shorty is shaking her ass on my Hummer with spinning rims, or something."
-average commercialized rapper today
by Steelo J. May 21, 2005
 
2.
affectionate term for a girlfriend, attractive female or concubine.
Yo shorty, it's your birthday
by Billiam July 02, 2003
 
3.
A term contrived by some asshole or group of assholes to mean a sexy or attractive female.

A term I wouldn't ever use to describe a girlfriend, close female companion or a desirable female of whom I'd like to get better acquainted with.
I buy mah shorty diamonds and call her shorty because she is very sexy yet has the brains of a turtle and thinks shorty is a cute adorable term instead of what it really is. Another mindless slang invented by people that live their lives in dance clubs.
by IhateAkon. April 30, 2007
 
4.
a short piece of cat5 cable used to connect two devices that are of close proximity
ill sent you the pics over lan, I'll connect with a shorty
by Bowen_121 April 07, 2008
 
5.
a girl, usually attractive.
yo shorty lrt me holla at you for a second
by shaunaty March 10, 2005
 
6.
1. Your girlfriend or girl that you date or go out with.
2. One of your closest friends, friend that you hang out with a lot.
3. An attractive girl that you want to meet.
1. "I love you Shorty."
2. "Hey Shorty, let's go see a movie."
3. "Dude, check out that Shorty over there."
by Manny King March 21, 2007
 
7.
A cute/sexy lady that you don't really know, but would like to get to know.
I'm gonna holla at that shorty over there.
by Trixi July 11, 2005