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1.
Usually a question or greeting offered to a friend. Variant, however, in that a number of different answers are acceptable depending on the situation. See examples.
1. "Hey Joe, whats good in the hood?"
"Hey hows it going?"

2. "Whats good in the hood, brah?"
"Nothin, dude. Just beer."

3. "Yo Norman, what's good in the hood?"
"To be perfectly honest, not alot. The reading gap between young blacks and whites in urban areas continues to widen due to lack of awareness among political elites. Unemployment's on the rise, stereotypes are being reinforced, crime's on the rise, and rap music is dying."
by Matt A. Brown July 10, 2006
 
2.
what has happened in your home town/city or area if you have been away..
'ive just come home from america so whats good in the hood?'
by Emma/Emzeh October 19, 2008