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1.
A versatile phrase that is used as a response to a statement that is expected or not surprising to the one being spoken to. Additionally, it can be used in response to accidental innuendos.
1.) David: "I just saw that girl throw up and now she's making out with a guy."

Jose: "Sounds about right."

2.) Becky: "I can barely fit this (sandwich) in my mouth."

Friend: "Sounds about right."
by Machinnation February 07, 2011
 
2.
A phrase used to describe a situation in which the action or phrased is expected, implying some characteristic about a person indirectly.
Guy: I saw Chrissy getting wasted tonight.
Friend: Sounds about right.

Guy: Dude, my butt is so sore.
Friend: Sounds about right.
by JCuevas February 07, 2011