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iiwii - pronounced ('e'-'wee') - It Is What It Is. 1) An all encompassing short word to sum up an agreed upon and or well understood simple and obvious situation or action. 2) A simple reply to an obvious statement of fact of which there is little or nothing that can be done to change the situation or action.
1) "This party is out of control!"
'Well my friend, iiwii.'

2) "These guys stink, there is no way they are going to the playoffs."
Iiwii my man, iiwii.
Iiwii by Mike Maenck March 11, 2009
The unfortunate result of circumstance
Apocalypse Cat: "Oh God dude. That Jester's Pizza gave me the worst case of mud butt"
Honey Badger Cat: "That's what NOLA pizza does. iiwii "
iiwii by Meat Cat June 18, 2012
Fred: Damn, our plane was delayed 4 hours and I missed my connecting flight to Cleveland.

Wendy: Chill out, dude, iiwii!
iiwii by Cyprus Denton Fekks September 6, 2011
Acronym:
It Is What It Is

pronounced: ee - we

Kind of Zen-ish generic response to a wide range of stupid what and why type questions.
Q: "Why did you do ______?"

Q: "What happened to the ______?"

A: Iiwii
iiwii by IronNoodle September 1, 2005
Robert: Man I got stood up by Jessica yesterday
Shawn: damn iiwii
iiwii by Hereford February 15, 2020
Petra was so exhausted saying it is what it is that she coined the catchy acronym iiwii and it took the world by storm.
iiwii by PetraCheekynova October 29, 2020