pronouced: thee-it
A racial slur for black people, derived from the supposed manner in which they pronounce "shit" ("Oh, theit! It's the cops"). Used by those who wish to publicly refer to blacks in a negative manner, but without being recognized as a racist.

When you eat dirt for the first time and leave your family to build a shack in the woods

a person place or thing that is superlatively hip and happening.

Not "The That" or "The This" or "The He" or "The She" or "The Dog" or whatever. "The It".