Examples ahoy!

I am certain most of us would have had some sort of history with sites where you are required to give the meaning of words or terms in your own words, or in your neighborhood speech.

To start, this sentence is very long and needlessly convoluted. It also contains "neighborhood speech," which is not a term.

The excellence of this is you get the chance to characterize those terms any way you need it,

That's not how you use "excellence." I would write something such as "The great thing about this." Also, "need" is not the correct word. There's no need here. There's "want." And it's "any way you want to."

far from the typical 'exhausting' definitions you can discover in the word references.

In what way are official definitions exhausting? And why is the word in quotes? Did you mean "exhaustive"? I would also write "find," not "discover."