It is the word nigger spelt backwards.
In the olden times the N-word was social acceptable(good), but now in the modern times it is frowned upon(bad).
Thus reggin is an adjective that can be used to describe certin events that are either bad or good much like the word bad. (mostly used to describe good things)
It can also be used as a noun to diguise use of the word nigger in social settings.
The "good" use:
John - Hey man check out that bike, that shits reggin!
The "bad" use:
Kyle - Man you're such a D-bag, stop actin so reggin!
The noun use:
Check you that reggin over there.
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