When a specific person believes they're the best at everything (sports, video games, their car, getting girls, etc.) and everybodyloves them.
Primary Example: *Ford Kineth Kemp*
Max Naifeh: "Damn Ford, you are so good at everything you do. I mean you car is the best when mines a piece of shit, you get girls all the time when all I do is drink and get fat, and you are so much more athletic than me. YOUR'RE THE SHIT FORD!!!
Ford: "Max, please for the last time, I already know all of this.
The best - a very interesting phrase as the word THE is the most significant since without it a different meaning applies.
This beat is the shit! = This song is of high quality!
This beat is shit! = This song is of poor quality!
Imma be the shit baby, check me out!! = I am going to be the bestMina, check me out!!