First popularized to mainstream audiences by "The Matrix" in 1999 by a businessman, played by actor Jeremy Ball, this phrase is a counter-culture version of 'what the fuck' used previously. Abbreviated as 'WTS', the phrase had seen limited use in late 1998, prior to the the box-office release of "The Matrix", in online BBS and chat forums.
"What the shit, that's my phone!" - Businessman, "The Matrix"
"What the shit -- My phone!" - Businessman, "The Matrix" (1997 Screenplay)