Thats The Shit Edit Meaning

1.

Referring to objects such as jewelery, cars, or an item of clothing that looks particularly good or fashionable at the time. It is usually rare or out of the ordinary and/or expensive.

It can also refer to drugs that are particularly purer and more potent than is usually readily available to most people most of the time

Yo, look at that Benz...thats the shit

See hot, cool, dope, phat, amazing