Acronym for "It is what it is".
Accepting things for the way they are regardless of the situation.
Guy 1: Man we messed up so bad this time we'll never get out of it!
Guy 2: Whatta ya gonna do...iiwis.
Guy 1: no doubt
Literally means "If I were you".
IIWY, I would add that phrase into Urban Dictionary before someone else takes the credit.
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