A verbal acknowledgement of a foolish action of someone other than oneself. Situations deserving this acknowledgement range from one unintentionally stepping in dog shit, intentionally stepping in dog shit, being made your girlfriend's bitch, sleeping with a tranny, etc.
Pat: Dude, did you hear that Matt got donkey punched by his girlfriend the other night?
Jake: Dude, that means he was receiving. What the fuck?!
Pat: I just thought you'd like to know.
Jake: Classic Reggie. Wait a minute, how do you know this?