To say "That is the shit!" in idiot form.

Which means that something is great, not that it is crap, or poo, or fecal matter.

Why shit can be a good thing, I don't know
Don't be Hatin' y'all cause I am the Shiznit! Not crap!
by SpringLoaded December 1, 2003
Get the shiznit mug.
synonym of shit. Often used by persons who easily take offense to vulgar language.
That's the shiznit!
by Bungalow Bill November 1, 2001
Get the shiznit mug.
In order to fully understand the word you must go way back to its aramaic form 'seisnits' which can be further broken down into two parts: seis and nits. Seis can be translated to mean best, most, more, etc. while nits means things or stuff
by bill michaels April 6, 2005
Get the shiznit mug.
A more gangster/slang way of saying oh shit.
Billy:Dude you just broke his car window.
Bob:Oh Shiznits!!!
by DaShortHizze April 19, 2007
Get the shiznit mug.