An exclamation usually occuring in a club between male members of Jersey Shore when any of them experience a positive opening for flirting. It serves as an encouragement for the guy(s) in question to pay the girl insane amounts of alcohol while fistpumping heavily, drive her to your crib once her clothes start peeling off by themselves and take a few for the team. Then proceed to tell the bitch off next morning and prepare excuses for your girlfriend. In the event that she doesn't ask about it, you'll be rewarded with another "YEEEEAH BUDDY!" from the crew.
*drunken skank walks by and stares, exagerrating her hip movement like she's drowning in her panties*
Mike: I think we got a good situation.
Pauly D: YEAH BUDDY!