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?"

when you're hungover as shit after a spending a night drunk as a skunk

a question, usually, if not always, the question is

"what's up?"

What is new, or going on.

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.

whats up?
how u been?
what it do?
watz goin on?

askin one how are they,or what have they been up to.