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1.
1. When you and you friend see a chick with an extraordinary booty or titties and both are put in awe. You then usually proceed to look at each other and speak the phrase with excitement and jubilation.
2. Can be said for any awesome event that happens to you or your friend.
Jabari: you see what I see?

DeLaSean: dat chicks got booty?

Jabari: Aww yeah she does...

Jabari and DelaSean: "SHA DANG DANG '(high five!!)'"
by Chief Booty December 22, 2013
 
2.
What you say whenever something totally awesome happens. Usually said in high pitched enthusiastic voice.
Pablo: Dude, I just totally bowling balled that chick last night!

Derek: Did she sit on your face?

Pablo: Hell yeah she did!

Derek: SHA DANG DANG!!!

(Both then go on to high five each other with extraordinary excitement)
by Chief Booty December 22, 2013