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1.) Shit or oh crap.

2.) Also could describe some thing.
1.) Aww schnit I forgot my dildo.
2.) Look at that schnit.
schnit by alexandria August 26, 2004
(n) slang word for cocaine in the powder form. Likely derived from the combination of the words "sniff" and "shit."
Yo let's get some more of that schnit!
schnit by JHop May 13, 2008
The action of sneezing so hard you shit yourself.
;Cody"oh I schnit myself"
Schnit by Mccoregore January 19, 2016
They evaporated the shit and got schnit
schnit by Damien December 31, 2003
A shortened version of schiznit. It's like saying something is "the shit", but without swearing.

One less syllable will save time.
Did you see his new iPhone? Yea, it's the schnit!
schnit by zigzag219 January 2, 2009
means no, first derived from a scottish word for no, "nit".
-"the gig's cancelled tonight, drummer broke his arm"

- "oh schnit! thats crap."
schnit by ron_jon17 December 13, 2008