exists and is an alternate of. Merge this question into. Split and merge into it. Answer by Nirel Matsil. Confidence votes 19.6K. Homeslice is a slang term meaning 'good friend,' usually used as a term of endearment.  They're is a contraction or shortening of 'they are'.     The homophone of there/their/they're      There refers to some place.   Their  is the possessive pronoun of them or themselves.   They're is a contraction or shortening of 'they are'.