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 19, 2004
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
what it is is a phrase similer to whats going on whats poppin
Yo what it is chillz" nothin just watchin t.v
by li April 23, 2005
Answer to the classic Martin/Murray question, "What in the hell is that?" Can be used recursively.
Question: What in the hell is that?
Answer: 1. What it is
2. What it is is What it is
3. What it is is What it is is What it is
4+ Repeat as necessary

by geroldf March 31, 2008
What it is hoe, ah what's up (what's up)
Can a nigga get in them guts (them guts)
Cut you up like you ain't been cut (been cut)
Show your ass how to really catch a nut (oh yeah yeah)
Well give me you number and I'll call (I'll call)
And I'll follow that ass in the mall (in the mall)
Take you home, let you juggle my balls (my balls)
While I'm beatin and tearin down your walls (oh yeah)
by jfire March 3, 2005
An expression made by cleverly switching the words "it" and "is" to create a grammatically nonsensical phrase meaning "What is it?". See "what up" or "aks" for similar constructions (or deconstructions depending on how you look at it).
"Hey, can I aks you a question?"

"Yeah, what it is?"
by dave July 1, 2004