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2.
A phrase showing that the one who said it is in a confused, and/or flabbergasted manner. Most commonly used when finding your spouse cheating, or watching Disney Channel.
Man 1: What the fuck is this shit?

Man 2: I'm fucking your wife while watching Disney Channel.
by Whatthefuckisthisshit? August 28, 2010
 
1.
When something is so indescribably stupid, failed, or disgusting, someone responds to it like this.
Usually on forums and teh internetz
bob: *posts gay Nintendo hentai*

john: what the fuck is this shit..?
by Link, the hero of time November 28, 2008