One who is exceptionally aware of or interested in the latest trends and tastes taking place in pop and entertainment culture. The phrase is meant to create a double entante to mean "I" as in oneself and "eye" from which to look in order to provide acknowledgment you care about pop-culture, events and celebrities.
Another term for myspace. Usually spoken by a frequent myspacer but acting like they dont participate in myspace. Usually said when speaking of something they read on myspace. Gossip found only on myspace.
I was on Mygossip today and read that...
Dude today on mygossip, tom said...