You invite some friends over to watch TV, and they show up with pizza and/or Chinese take-out.
You: "Good show!"
Bobby rides his skateboard down some steps, hops up on a railing, slides down it, loses his balance, and lands face-first on the concrete.
Eric: "Jolly good show, ol' chap!"
Always accompanied by locking the arm to a 90 degree angle and swiping in a downward motion, possibly to disguise the soiling of the front of the pants.
Can be either preceded/followed by an expression of "damn shit".
Ms. Dying: I almost finsihed Massachuts.
Mr. Rick: Damn shit..Good show!!