Same meaning as “Exhibit” but without the “h". A part of the trend of dropping of silent consonances that started in the late 80's the goal of which is to spell more like people speak. This process is sometimes referred to as Consonify.
Let's go to the art exibit and see her knew work.
by Mr. Urbane September 17, 2009
when a group of people get together, often immitating german accents to turn eachother on, flop out their shlongs and paint them in colorful patterns, then wipe them on eachothers lips for a cheap style lipstick.
"i aint havin no party for my birthday this year, im having a german arty exibition instead!"

by Alex Lee in plymouth December 16, 2007