This refers to an object of value or utility that has been generously smeared with fresh feces, especially as an act of revenge.
Philo: "Oh, man - some poor asshole woke up the whole campsite this morning,... he was crying out, 'Aw FUCK! Oh, NO! I don't believe it! FUCK, no!' ...It turned out someone had chocolate coated every inch of the outside of his tent."
Phineas: "Whoa, and you're not actually talking about chocolate, are you... ...that's some harshly fucked up shit!"
Philo: "Exactly! I don't ever want to meet whoever it was he pissed off."