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2.
1. Used to describe the greatness of something.
2. A great display of pun after a long period of silence
3. A third party interjection.

Used in reference from the Ace Ventura: When Nature Calls movie
"so what'd you guys think of the movie?" *silence* "Shakaka!"
by L7D June 24, 2006
 
1.
A great white bat described in Ace Ventura, very holy
"Shakaka!" Everyone bows
by Salamander July 11, 2003
 
3.
Word used while under the influence, to thus signify the level or extremity of feeling 'out of ones head' or of the 'floating' sensation caused by recreational drugs and or alcohol.
"Dude...I am so hungry,"(then here is the long pause)"Shakaka".
by WhAtIsBaM December 12, 2005