(can also be termed "hoe shit") noun. - defined by men or women selling sex, the act/illusion of sex, sexual napalms, or sexuality for a certain type of gain. This gain can be a variety of things, such as attention, publicity, materialism, monetary value, nourishment, security, etc. The phrase has always been around but was popularized back in 2005 by r&b songstress Erykah Badu on a YouTube Video explaining how to stay a relevant celebrity.

a phrase chiefly used in northern England.

it is a contracted form of "it'll be reet", where "reet" means "alright" or "OK".

living your life according to "be reet" is the only way to find happiness in life.

A fusing of the phrase "holy shit" or a corrupted version of "oh shit", depending on user's personal preference.

A term commonly used online. It originally came from the term "oh shit" but as newer users on sites began to use chatspeak, they blended the words together to form "ohshit".
After that, one typo and it turned into "hoshit". Just like how "owned" became "pwned".

The term can also occasionally be used to show excitement.

when someone tries to say oh shit, but says "ho" shit instead

A statement of shock. Though most often expressed calmly, it usually implies an imminent need to "get the fuck out" of one's current situation.