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1.
The third and highest stage of tripping out (usually on shrooms). The three stages include tripping, tripping balls, and shitting rainbows.
druggy one: "yesterday I ate some crazy African mushrooms and ended up shitting rainbows."

druggy two: "You have any more of those?"
by alexmanjina March 03, 2010
 
2.
When a person is in a state of such ecstasy that if they were to defecate, the substance would contain nothing more than a magical beautiful rainbow.

"Hey. I heard Jake got laid last night"
"Yeah...you should have seen him this morning...looked like he was shitting rainbows."

"OMG!! When Daniel asked me out...I swear I was shitting rainbows..."
by NeshaMP January 12, 2009
 
3.
Someone who has such extraordinary luck that if they were to defecate a beautiful rainbow would come out of their anus rather than faeces.
"Went into town with Jim last night, he ended up shagging a 10/10er and won £100 on a scratchcard"! "Lucky bastard is shitting rainbows".
by Bilbobaggins March 26, 2013
 
4.
The hyper happy reaction you get when you find out something great; It results in a rainbow butt rocket effect projectiling you out of your seat. (Jumping really high out of your chair/sofa/etc...)
WARNING: shitting rainbows may cause damages to your roof, result in concussions, memory loss, broken or sprained ankles (upon landing)... other side effects include shedding glitter, randomly hugging people, frolicing in public places, and talking like a teenage girl with ADHD over the exciting news to Everyone, Even strangers, for days. (this will last until the news gets old, so side effects are not permanent.)
by Twistedtoybox June 28, 2009
 
5.
The act of bullshitting ones self into a state of delusionary happiness about absolutely nothing, nothing in perticular, or complete nonsence.
Most commonly done during idle afternoons, boring nights when nothing's happening, or as an absurd attempt to find a bright side in a situation from hell.
Patient: So my cat died, my parents are in jail, and my girlfriend is pregnant again, and I'm celibate! What can I do about all this stress?
Shrink: In my professional opinion, all I can really suggest is that you start shitting rainbows.
by 7| Leif November 03, 2008
 
6.
The act of eating skittles then going to the bathroom and taking a shit and the shit is different colors. Such as, purple, yellow, orange, etc.
Damn bro,after I ate those skittles I was shitting rainbows for weeks
by Travis Teer March 11, 2008