Bits is another way of saying bitch. It's used for people who get insulted by being called a bitch, regardless of the connotation. It's supposed to be used among friends, kind of like saying bro, not for an insult.
Holden: Ayo, what's up bitch
Aubrey: Excuse me, are you calling me a bitch?
Holden: My bad, forget you like to get offended.
Holden: Ayo, what's up bits
Aubrey: Yo whatsup bro
If someone is trunkin they is both gangbangin and trappin. the term comes frow DFW underground rappers Pro Da Plug and Ketamine King, who often perform with each other. It also means you got a trunk full of guns and dope that you is sellin and sprayin.
Darius: Fuck is you doing round here crab?
Pro Da Plug: Best turn yo bitch ass around, you know I be trunkin slob ass nigga