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1.
A catch-all term used to refer to life as a criminal; "the life" outside of the law.
"You're really thinking about quitting?"
"The life? Most definitely."

Vincent to Jules in Pulp Fiction
by Scroll Lock October 13, 2008
 
2.
1) In hip hop it's "The street corner life". Working hard and grindin it out

2) The good life
1) The Life

2) (Sitting in a hot tub in your 3 story mansion) "This is THE LIFE!"
by blogboy December 13, 2008
 
3.
What people in the restaurant business call the restaurant business. Probably to make the fact that they are working long hours in hellish conditions for little recognition or pay seem somehow cool.
"Dude, all those people out there don't know what they're missing! This is The Life!"

"Seriously, yo! Now we get to chop up celery for two hours!"
by seemo March 15, 2007