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A play off of Bullshit. Oxshit does not have the same immediate insulting effect as the word bullshit, but serves as more of a lingering insult.

It is an insult involving anything unfair, unreasonable, plain stupid, ect. Can be applied to anything for which the term "bullshit" has already been applied.
"That 60 question math test was bullshit"
"Failing that 60 question math test was oxshit"
by Google Eater July 28, 2009
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