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shizznat 

sounds like "is"
Alternatively spelled "sheeznat" (sounds like "ease"). Literally translated means "shit", but is only used to describe something good.
Must have the word "the" preceding it, as in "the shizznat"
"This burrito is the shizznat", or "that game of Twister was the shizznat"
shizznat by BeaverBoy December 27, 2005
Related Words
From 2004 onwards, ShizNat also refers to the lesbian couple in the anime Mai Hime. ShizNat is the abbreviation for Shizuru and Natsuki.
That lesbian stalker just went shiznat over her prey.
ShizNat by papa lolita May 8, 2006

shizznet 

damn dawg, cxt's rappin skillz are tha shizznet
shizznet by cxt December 11, 2008

the shizznit 

The modern-day equivalent of "the bees knees". Absolutely the best. Derived from Southern California slang, by way of Snoop Dogg.
Damn, Dude, that sack you hooked me up with was the shizznit!
the shizznit by Cap'n Sweaty! October 9, 2003
an expression used when something could be described as "badass" or "awsome"
Shizznit by Coco November 10, 2002
Damn! I'm in hell now that i missed that crucial shizznit in class!! x-P