"Funny Shit" is a low budget movie out of New England that was produced in the summer of 2010. It chronicles a group of people and the funny situations, and quotes that transpire from their gatherings. While the movie was low budget-- it contained an ability to wow audiences and give them a lifetime of "lolz".
watch Funny Shit, it will give you miles of smiles
This word is used in a situation where your mate has said something pretty funny but you couldnt be fucked to laugh so you just say funny shit
Tommo: Oi nathans a stupid cunt
Ben: Funny Shit
When something happened thats so fucked up it makes you laugh
"OMG, Amy, Brad dumped you for yourr little sister"
"Thats funny shit"