fukkit is a shortened version of fuck it which is used when describing something you dont care about. Basically like saying "i dont care" or "it dosent matter"
person A: "apparently somebody snitched on you..."
person B:"fukkit its not like they have any evidence"
The act of habitually using spoken words with the intent to insult, be hurtful, or denegrade the other person. Usually done between friends or known acquaintances.