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Essentially a monster costume. Often of either mythical or created characters. ( ie - werwolves, dinosaurs, lizards, gargoyles anything more "monster" like) Some resemble fursuits but rarsuits are never "cute" or try to be anything of such. Nor are they remotely related to sex. They often resemble monster suits that would be seen in movies and such and many agree that they are cooler than fursuits though they are not as widely known.
"Alot of fursuits and cosplay is lame. Rarsits on the otherhand I admit I find more appealing. Why be some stupid giant stuffed animal when you could be a scary werewolf or something?"

"Part of the reason John got a role in that indie horror film was because he owned a rarsuit and offered to play the monster character"
rarsuit by Jettris August 27, 2011
Related Words

I don't give a rats. 

I don't care.

As in "I don't give a rats ass." Clever because, ass is implied.
Hey Brian, Jonas Brothers tickets go on sale tomorrow!

Brian: "I don't give a rats."
I don't give a rats. by gwoodsy February 25, 2009

congo rats 

Jungle rats! only from the congo! and.. congratulatory!

simply a new way people have started saying congratulations in games, instead of congrats, most often said when someone levels up.
congo rats by Death's Seduction September 10, 2006
Rarsday (n.) The day of the week that lies between Wednesday and Friday. In scheduling abbreviations, the days of the week are often indicated as "M T W R F." The day between Wednesday and Friday, therefore, is often referred to as Rarsday.

Referring to this day as Rarsday instead of it's traditional moniker, Thursday, generally indicates drinking, tomfoolery, shenanigans, merriment, and other bits of debauchery.
I just woke up next to three hookers in a pool of my own vomit with coke scattered all over myself and a new dick piercing that I have no clue how I got. That was one hell of a Rarsday.
rarsday by rhinestone bandit April 3, 2011

captain rats 

Australian slang term used to imply that someone is completely crackers. An analogy used to convey a state of insanity, possibly catalysed by heavy consumption of legal or illegal substances.
eg1. Policeman: He threatened the victim with a spork, held her hostage and demanded the ransom be paid in bananas... He was captain rats.

eg2. Josef Fritzl is captain rats.
captain rats by Coco schmoko September 4, 2009

rats winkle

An exclamation of disgust because of failure. Most often used by the elderly or those of high intelligence.
"Aw rats winkle, the damn dog shit on my porch again!"

"Oh rats winkle, it seems the DOW is down again."
rats winkle by Big Darcher December 21, 2008