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More "urbanized" form of the shit. Basically means really, really good. Other versions include:hella cool,tight, the best.
Damn Tony! Your new ride is the shiznit! Lemme borrow it to drive by Mya's.
shiznit by Marimar June 10, 2004
adj. 1) the best; 2) the greatest, in a certain category or universally; 3) gaddam' phenomenal, bi-atch!
Master says, "I'm the shiznit! Hell'z yeah!"
A unit of shiz
S: Yo, how much useless shiz you got lying around here?
V: About 10 shiznits
S: Cool
Shiznit by Mr.Shiznit December 18, 2012
when something is so cool. or off tha chain. Another word for shit. Made popular by Snoop Dogg.
Nigga1: "Yo you like ma rhymes?"

Nigga2: "Damn fool, yo lines is da shiznit!"
shiznit by eastside4life June 27, 2006