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Noun

1: A likable but silly and/or foolish person (friendly connotation).

2: An exclamation of surprise, sudden interest or excitement.

(Origin: thought to have first been coined at Hamilton College or by Hamilton College graduates at the beginning of the 21st century.)
1. "Hey craptits, did you just shart?"

2. "Holy craptits, this morning in the locker room gym I witnessed a man lubing up from head to toe!"
craptits by Stevedor May 4, 2010
Related Words

Crabbits 

When You have Crabs So bad you jump around cause it itches so bad. Like a rabbit
Steve 'oh man what was with Phil today"
Bob 'Dude he has a bad case of crabbits, he picked it up on spring break"
Steve "haha bitch got owned"