Most commonly shouted in an obnoxious manner during an uncomfortable situation in order to express frustration in an extremely sarcastic manner.
(after a night of binge drinking)
Greg: bro, what a night.
Will: I can't feel my face..sicky.
Greg: listen I gotta tell you something man.
Greg: I was really shitfaced and I boned your girlfriend while you were passed out.
Greg: sorry bro..
Greg: we still cool, right?