A saying used to describe someone or something who is fun or just awesome, much like a pair of testicles is. But also very....very sensitive.
"Do you know Elena?"
"Yeah! She's lit as nuts! I heard she kicked Gregory right in his testicles!"
"Ouch! Sucks for him!"
"we are lit at six flags"
"yo you see them they are lit at six flags"
"we lit at six flags"
"look at them they are so lit at six flags"
Lit spaghetti condensed down and used by Guidos ( or in this case an American who wishes to be Italian ) in place of the word "great".
Brother that pizza sounds lit speghit
When you are getting lit but not having fun
Dude I'm sh-lit right now my ex really got me fucked up.
Man this party is sh-lit let's go.