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cool bit is used to describe somthing cool. Colin Nicoletti coined this phrase.
"cool bit nig nig, that shit is hot" :Colin Nicoletti, circa 1974
cool bit by MC colin time December 23, 2003
Related Words

cool beans 

Something you say to a square when they tell a dumb joke, or to a square when they try to do something to impress you and make an ass of themself.
The square says, "hey everyone, I just smoked an oregano joint, whew-wee, what a rush!"

The response, "wow, cool beans. Bitch."
cool beans by Eapert McDangles June 12, 2006

Cool Breeze II 

from CB handle to text handle, the coolest of breezes remains alive. can't be a Junior, but for sure comes after the one and only Cool Breeze in a female form.
like a fresh breeze from the ocean air, but cool, that is a Cool Breeze II
Cool Breeze II by Cool Breeze II February 3, 2010

Cool Kid 

A kid who is cool, like Connor.
'I like that cool kid Connor, hes cooler than all the n1gg4s in the world!'
Cool Kid by Some Gay Ass Nigger December 2, 2016

Cool for Cats 

The Indians send signals from the rocks above the pass
The cowboys take position in the bushes and the grass
The squaw is with the corporal, she is tied against the tree
She doesn't mind the language, it's the beating she don't need
She lets loose all the horses when the corporal is asleep
And he wakes to find the fire's dead and arrows in his hats
And Davy Crockett rides around and says it's cool for cats
It's cool for cats (cool for cats)
The Sweeney's doing ninety 'cause they've got the word to go
They get a gang of villains in a shed up at Heathrow
They're counting out the fivers when the handcuffs lock again
In and out of Wandsworth with the numbers on their names
It's funny how their missus always look so bleeding same
And meanwhile at the station there's a couple of likely lads
Who swear like, "How's your father?" and they're very cool for cats
They're cool for cats (cool for cats)
To change the mood a little I've been posing down the pub
On seeing my reflection, I'm looking slightly rough
I fancy this, I fancy that, I wanna be so flash
I give a little muscle and I spend a little cash
But all I get is bitter and a nasty little rash
And by the time I'm sober I've forgotten what I've had
And everybody tells me that it's cool to be a cat
Cool for cats (cool for cats)
Shape up at the disco and I think I've got a pull
I ask her lots of questions and she hangs on to the wall
I kiss her for the first time and then I take her home
I'm invited in for coffee and I give the dog a bone
She likes to go to discos but she's never on her own
I said I'll see you later and give her some old chat
But it's not like that on the TV when it's cool for cats
It's cool for cats (cool for cats)

Cool Beans 

Slang term featured in the movie JUNO, but originated in Canada.
Jake: I got us tickets for the midnight show!

Gwen: Cool Beans!
Cool Beans by gabbagabs March 2, 2009