This phrase has the same meaning as the phrase "for reals" or "true shit". The person on the receiving end of this phrase would if true respond with Legit shit. However if the answer is negative the response would most likely be Shit ain't legit.
Dude #1 : Dude I kicked Browser's ass so badly yesterday in Mario on the 64.
Dude #2 : Shit legit?
Dude #1 : Legit SHIT.
Make it happen. To complete a task.
Guy A: That girl is so fly. Imma get up in dat.
Guy B: Make that shit legit, son!
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The act of questioning whether something is true or not.
Dude 1: Did you hear Charlene made out with Josh after sucking Bryan's dick?
Dude 2: Woah. I dunno if that's shit or legit, dude.
This is cool, awesome, amazing, tight.
Could also mean "real".
1.This song is fuckin rockin!
Yeah this shit is legit!
2. This Rolex is legit....I swear.
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The real deal when it comes to taking a crap. Sometimes you feel like you have to take a crap but it's only a false alarm. This is a for real, legit, not fake shit.
Bob: Dude, I have to take a shit!
10 minutes later
Bob: Ahh I feel better
Dillan: It was a legit shit?
Bob: Yeah man, it wasn't a false alarm.
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