Slang word used to describe something that is "Premium" or the top of the line. Can be used to describe just about anything.
1)
Johnny: ay homie, check out these new kicks i copped at the sto(re)...
Big Syke: yoooo son, them shits is preems
2)
D-Boy: Anybody lookin' to grab? You know I always got that preems chronic, dat piff...
Fiend: worrrddd, yo can you front me a quarter homie? I don't got the scrilla right now mang..
D-Boy: you best get your broke ass up out my face homeboi, this chi-town's finest, and i ain't goin' out like no sucka
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