A spin on the word "elite", common on IRC to describe someone or something that is very good, cool, etc. A spinoff of the chinese pronunciation of "elite" which is "ereet" because L's often sound like R's.
Ah man, this new video card is ereet.
A device not unlike an airbag that would lessen the injury suffered by an individual who has just been knocked on his ass. First usage found in a skit on Styles P "A Gangster and a Gentleman".
"Good thing my Assbag came out"
Having tendency towards homosexuality.
Origins unknown but on the first season DVD set of the TV show Wildboyz, the phrase is used in this context repeatedly.
We saw two guys running around in Speedos and realized that it was a little bit ticklish.
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