Mostly you would say something is "the shit" if it's bangin or something, but if it happens to be particulary phat, you could elaborate, saying something is "the shit's tits" being the best or most valuable part of the shit, or the "best of the best."
igg 1: You ever had Smirnoff Ras with Cranberry and Grapefruit juice?
igg 2: Yeah dude, that stuff's the shit's tits!
An undesirable state of being, for either a person or a group. A place of anger, shame, humiliation and fear. A term used to describe individuals mood, attitude and metaphysical location.
Yo, The Giants are down 42-7
Oh My God, we are in The Shit Festival...
A local ice creamestablishment in Bayville, NJ. Known for it's shitty service and ice cream. The ice cream is often the culprit for massive amounts of diarrhea and food poisoning.
When one is even better than "the shit". One's coolness is all-encompassing, barely leaving any room for anyone else to be cool as well. Introduced by Kanye West in the T.I. song "Swagga Like Us".
As it was coined by Mr. West, it pretty much means you're a pretentious ass-hole if you say it. Plus, it's kind of a lame metaphor.
Example 1:
Kanye "How's it feel to wake up and the shit and the urine?"