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2.
no really is sarcasm used mainly for when somones says somthing obvious

another way to say no really is no shit sherlock or the longer version (wich i recommend to the pro's of sarcasm) is no shit sherlock when did you figure that out?

hope this helps
bob:dude you just got hit in the nuts bro

obb:NO REALLY?
by just tht guy in your alley way January 23, 2012
 
1.
A sarcastic way of saying, "you just stated the obvious."

Typically used in the presence of a stupid person.

Similar to no shit
Stupid person: the sun is out during the daytime.
Normal person: no... really?
by 01288 September 11, 2010