"Oh snap" with an added flare of lisp.
See also: I went ther.
John: Nice sweater Jim! It looks like your mom knitted that for you!
Riley: Oh shnap.
Jim: That's because she did. Bitch.
John: Oh. Well then!
1. That time when you first get your xbox and can't get enough of it, until you realize most people have played more than you ever will so you give up on playing and trying to win.
2. That one guy who spends ALL his time on xbox to 'get better' at the one game he seems to own. Popular choices include Halo 3, Call of Duty 4, etc. and usually accompany 10-year-olds and High-school drop-outs with no social lives and mass amounts of yelling, tantrums, and phrases being shouted at you such as "Get raped", "noob", and "lagger".
John: *Calls up Jimmy* yo lets go biking or something with Will im bored.
Jimmy: Im busy today, sorry. *in the background* ("FUCKING LAGGER! STUPID TEAMATE!")
Will: Jimmys such a LiVE addict.