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1.
An expression of approval, often for a job well done, or approval of a characteristic. Amplifications include, 'jolly' (polite), 'bloody' (impolite) and others. Sometimes used sarcastically. Primarily dated/retro British slang.
Intentional:

You invite some friends over to watch TV, and they show up with pizza and/or Chinese take-out.

You: "Good show!"

Sarcastic:

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!"
by ClimbingTheLog October 28, 2007
 
2.
An outdated proclamation of satisfaction usually made in a semi-British accent by a CPA (Certified Peeler of Assorted fruits).

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".
Mr. Rick: How's everything coming along?
Ms. Dying: I almost finsihed Massachuts.
Mr. Rick: Damn shit..Good show!!
by oj aqua center March 27, 2009