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An all but lost phrase from the seventies era of ebonics, the closest contemporary equivalent being, "What up?" WHAT IT IS is often a rhetorical question like, "How's it hanging?" or "What's going on?"
"What it is, Jeffro? Slip me some skeein!"
by Doug Mesner June 18, 2004
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a question, usually, if not always, the question is

"what's up?"
Stew walks up to Quintavius

Stew: "hey"

Quintavius: "What it is?"

by Jesus Martinez September 20, 2006
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A Black solidarity greeting of the 1970's, expressing philosophic agreement as to the present, past and future state of the black history/culture/experience.
First Brother: "What it IS!"
Second Brother: "What it WAS!"
Both together: "What it SHALL BE"

Often accompanied by various secret handshakes and signs
by PJ Poppyjoe March 15, 2005
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askin one how are they,or what have they been up to.
MAN1:what it is wit u?
MAN2: nig i can't call it..

FEMALE1:WHAT IT IS?
FEMALE2:SAME OL...NUTIN NEW
by Z.S. April 04, 2008
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a phrase that can be used to release one's self from the boring, everyday "what's up?"

popularized by the young and their affinity for intentional incorrectness; a small, subtle step toward the bastardization of the English language
Hey Two-Toes, what it is man?
by the mean bean October 05, 2009
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