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It simply means "Shit." It's used to describe surprise and/or opposition towards a comment and/or situation. Usually in a major way.
WOMAN: I need a huge favor.
MAN: What?
WOMAN: Will you pay my rent and bills? I'll give you something to make it worth your while.
MAN: Shee-It!!!!!!!! Your hand cares about my money more than you care about me.
Related Words
A southern redneck or cajun version of the word "Shit". Now used by several rap artists.
Damn that Sheeeeeeeeeee-it was nast-tee!
Shee-It by BillyG April 8, 2003
That's the sheeit!
sheeit by hfs May 16, 2003
A Synonym to the commonly used word "Shit" but it sounds better
Sheeit Playa, look at that fine girl over churr!
sheeit by Mick Deez May 5, 2005
what niggas say when they realize they fucked up
fugg you nyka you rapd your stebsyster ageen
-sheeit
sheeit by Terry millsz June 12, 2013
longer more dramatic version of the wotd shit
Hostage need to be took alive has just commited suiced
Ssgt. Griggs: "Sheeit, man that kid's got some issues"
sheeit by SMUDG3 April 5, 2008