Originally a non-slang word, ain't began as a contraction for "am not", as in "I ain't stupid." When people began to use it improperly as in "He ain't", which should have been "He isn't", people came to consider it improper use of language. Today, it's known to be used predominantly in the south and by uneducated people.
Short for "am not" and for nothing else – not even "is not", for "it ain't" would just be "it am not". The only correct use is "I ain't" which is a contraction of "I am not". So, don't say e.g. "you ain't" which would only mean "you am not".
Clinique: "Let 'im go, he didn't do nothing!"
TyRone: "I ain't done nothing! I ain't done no nothing!"
LaKeisha: "You bastards, let us go! I ain't done none!"
Barackeisha: "You let 'em go!! They's ain't have done nothing! They ain't have done none!"
A word that kids used to get yelled at for saying because it wasn't a word. Though, That is a no longer a case. Ain't is in the dictionary so you can go find your 2nd grade teacher and tell her to piss off.
A contraction for "am not" in an interrogative sentence, as for:
I am here, am I not? A contraction is not needed for the declarative use: "I'm not doing anything" has just as many syllables as "I ain't doing anything."
But "am I not?" has one more syllable than "ain't I?".