A KITH is a "Knife in the Hat".
The name comes from the days of the depression, when out of work men would sit around and whittle to pass the time. No one had money for a new knife, so every now and then, they would set a hat on the ground, and anyone who wanted to would toss their pocket knife in the hat. The hat would be covered up with a bandana, and they would then take turns drawing a knife out - whatever knife you drew was your "new" knife.