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1.
basically a phrase instead of "oh my gosh" etc. it's rather fun to say, and it sounds cool. besides, if something astounds you, your head is busy thinking so it makes sense
Oh my head! You have the coolest shoes!
by Carrot December 11, 2003
 
2.
Exclamation, esp. N.E. coastal. Used to emphasize a point.
"Oh my Head, that's some smelly gurry!"
by Alexander Thompson March 01, 2004