2. It can refer to something as high quality, stellar, or top notch. Saying that party was legit does not mean the same as saying that party was cool. Legit adds on more value to the context by expressing the fact that the party may have involved great music, beautiful women, and an overall great time and in no such way was a let down.
3. Legit can also in context to refer to a good deal.
1. "These nike's are legit, not that bullshit you find off the internet."
3. "Yo I traded my shitty pokemon cards for 5 holographics."
1) Being real and not being a poser, a fake, or a fraud.
2) The team from Stephen F. Austin High School that owned at the DECA Pasadena trip in all the events. The legit team went undefeated at all the events, completed them the fastest, and even made a baloon and people started saying our name.
Oh man Will, Mark, Tony, Paige, Andrew, Joesph, Brittany, and two other girlstotally owned the competion. Legit is the #1 DECA Team! UH-RAH!