2) To proclaim something as "tight" or "off-the-hook"
3) To compare something to literal "Shit" and/or "Ass"
A: "I finally got a Xbox 360 and it now has the red-ring-o'-death!"
B: "Wow, that Shit's-Ass"
"Dude! That coaster was Shit-Ass. I nearly barfed"
"Dang Billy Jean! That hooker you shot is as dead as Shit-Ass"
2. Also can refer to someone's ass, when covered in shit.
Jethro: Bill Bob come over here and help me plant some of these Bush for president signs over yander!
Billy Bob: I'm in the union, I'm voting Democratic.
Jethro: Well Shit! Yer nothin' but a shit ass demoncrat!
2. When I crapped my pants at walmart, everyone said I had a shit ass.