it is a new "hip" way of saying the word "shit" in a specific context.. You CANNOT use this word in the context of meaning the object of "shit".. The perfect example of a situation you could use it in is in the Example section below!
P.s This word is usually used express a "shocking" reaction
Ammar: "Miki brruh, I forgot the green =/"
A word you agree with your friend with, to know if any of you have taken cocaine recently.. So you say "Yea" if you did take cocaine, and "no" in case you didn't.. - When people hear it, it sounds like "OK" and they won't know what you are really talking about..
Friend: You Okaine Ben?
Ben: Yesz Szirrrrr I iz