Acronym standing for "booze in transit". Used widely in urban environments as a time-efficient pregame on trains, cabs, and for the irresponsible, automobiles while en route to one's final destination.
"Hand me that BIT! We're almost at the club."
"Dude, you've had enough."
The imaginary squadron of law enforcement officials that suddenly seems to appear only when under the influence of drugs or alcohol, most typically cannabis.
"Slow down and put that piece away! There's a cop right behind us!"
"Shut up, man. That's just the paranoia police."