It can be used as another word for "cool" or "nice". it can also be used as a word for "yes". so instead of saying yes you can just say chill.
- Hey man i could come to your Crib in like 10 minutes
- chill.
Rocket shit is When you have to take A really fast shit When you are going somewhere!
Or It's just A term that u shit fast
Person 1: we have to go, hurry!
Person 2: Yes i just need to take A Rocket shit