Phrase has many meanings. Normally used to describe something of irrelevance or an acceptance of the situation.

Used primarily to cause confusion to the listener.
Person x: "Hey your feet smell of rotten cheese"
Person Y: "It is what it is"

or

Person A: "I cant believe i failed my Marketing exam"
Person B: "It is what it is"
by Armin April 22, 2006
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Very old-fasioned upper-class British expression seeking agreement with whatever you've just said. Similar to "don't you think?"
She's a fine piece of totty, what-what?
by Linton February 16, 2004
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Play on what the hell or WTF. Apparently coined by Tina Fey's Liz Lemon character on the tv sitcom 30 Rock. Somewhat sarcastic poke at tv language censor dubbing where over-dubbed audio often uses lame alternatives the actual swear word. What the fuck you motherfucker would be dubbed "What the frick you motherlover?!?"
Dude1: I just heard Michael Jackson died, Farrah Fawcett died and China blocked Twitter and Facebook. Too much! I can't believe it!
Dude2: Whao, what the what?!
by buckedchuck July 8, 2009
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A signal of comradery given among gangstaz to symbolize brotherhood. That is, not to exclude womyn either.
Chant:
"Lab AB!"
"What what!"
"AB"
"what what"
ect...
by Josh, Kevin, Durfs September 3, 2005
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