Shakaah is a fusion of "Shazam" and a quote from Arrested Development where GOB impersonates a chicken and goes "Ka ka ka ka ka ka ka." It is used as an exclamation of joy.
"Dude, I just totally got blown, Shakaah!"
"Dude, USC sucks balls, Shakaaah!"
"Dude, I hope you don't mind if I jack off on your dog, Shakaaah."
"Dude, I'm gonna smoke all your weed, crap on your floor, jizz in your hair, and then I'm out. That'll teach you to fuck with CSULB, SHAKAAAAH!"