Something awesome. It's important to use the word "the" in front of the word schnizzit or it will take on the meaning of something less desirable. For example I am the schnizzit means I am awesome. I am schnizzit means I am shit, crap, etc.
(noun)
Word meaning crazy, unrealistic, bad, awesome, cool, scrumptious, heck, stuff, items, fantastic, and other random words. A combination of the words Sh** and some other unknown word.
Commonly spelled by other dim-witted persons as shiznit