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Very much the same thing as "gossip."

This originated from two things: First, gossip in general is so $hitty. Secondly, people with heavy asian accents sound out gossip as gosshit.
cupcake: OMG, I cant believe they said all those things about you!

muffin: I know, right! They're just jealous and spread loads of gosshit.
by muffincake June 09, 2009
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Gosshit: Derived from gossip and shit. Generally the Sun, News of the World or any of Rupert Murdoch's papers and tabloid newspapers alike.
I can't read this gosshit anymore.
by smackyg February 17, 2011
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