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1. Used to express sexual attration or intent if used in the most explicit form.

2. More likly used as an exclimation of sorts ranging from displeasure to approval.

Originated from the Quagmire character on the TV show Family Guy. He uses the word in the first manner. As a note this word is hardly used along, instead it tends to repeat itself several (commonly two or three) times in a row.
"Gigity gigity Gig-it-y!" --Quagmire
by Xhelix March 12, 2005
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The accumulation of pornography on a computer hard drive is becoming known as a gigity. I have four video gigities and three asian gigities.
by Josh C Brown April 01, 2006
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just said when ever you are in a good mood or have drank to much.
by Mike October 20, 2004
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