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Term used to describe a word that becomes widely popular, and is currently experiencing the height of it's popularity. Similar to a buzz word, but an "it word" is more pervasive and used primarily by adolescents and twenty-somethings, whereas buzz words are used mostly by journalists and marketers.
Ex. I heard that toxic is the new "it word", its gonna replace sick!

Ex. Don't be alarmed when your teenage son tells you that your new shirt is fat; they are likely saying phat, spelled P H - it's the "it word" with kids these days.
by Leroy Brown 420 February 04, 2009
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