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The Shit 

The best of the best; something of top quality.

Not to be confused with shit, which is low-quality. Worst of the worst.
This TV show is the shit!

Tom's new car is the shit!

Basketball's the shit!
The Shit by Lucio Soph November 7, 2010

The shit 

Used to express how awesome, amazing, cool, or down right killer something was.
That Red Hot Chili Peppers consert was the shit!
The shit by Tyler Reinsmith April 22, 2008

the shit 

The best. What everyone is talking about. What everyone is afraid of.
Tristan's jam was the shit.

Ayo, this chron is the shit freshy was runnin' bout.

Emilio wasn't afraid of shit, he didn't run away from shit, cuz he was the shit.
the shit by AlphaQ January 13, 2006

the shit 

"The Shit av gone down aye they"
the shit by Steve Bull August 14, 2003

the shit 

a term used frequently during the use of narcotics (especially marijuana) to fill in gaps of silence in conversation.
momentary silence
"...Man...This...is the shit"
the shit by curtis November 25, 2003