Basically, Russian, for 'very good'. However, used in an English, everyday context it means very little except to confuse people.
The reason that the word in particular is of any interest is that when pronounced, it sounds like 'horror show', which would be used to describe something completely opposite of very good.
"Yo, how are you?"
(adj.) Used to describe a person, especially a male, who seems to embody many female characteristics and mannerisms. Is not necessarily derrogative, just descriptive.
Q: Are you going to ask him out?
A: I don't know, he's kind of femmy, do you think he likes girls?
The state of being extremely spiffy
Also may be used as an exclamation.
That new book I read was spifferific!
Are you coming with us? Yes? Spifferific!
An instant bitch. Calm, cool, cute, and collected at first, but say one wrong word and it's INSTA-BITCH!
-Geez Glyde, stop being such an insta-bitch.
-You. Shut up. And get out of my house!
(n) A term used when you can't remember (or don't know) someone's name.
Uh, I gave it to dude guy over there.
A word used to describe something quite small, or in a meaningless quantity.
"That makes me sad just a bit-bit."
"Britney Spears dog is called bit-bit. It therefore must be small."
A suffix to the end of a typically shortened name. It serves as either fluff-text, or can be used affectionatly, depending on the tone used and personality, horoscope, planet alignnment, blood type, whether chocolate or strawberry, and mother's maiden name of the person you're speaking to.
"So, how is ze Tau-bit?"