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1.
Literally means to cum/ejaculate on someone or something.

See the following:
Skeet
Skeet Skeet
Skeet Skeet Skeet
Skeet skeet skeet skeet all over the place!
by RandomGuy March 28, 2005
 
2.
The coolest and funniest saying in the world. It can be used after doing anything cool.
Kid 1: I just bowled a strike. Skeet Skeet Skeet Skeet!

Kid 2: I got a better grade than you on my math test. Skeet Skeet Skeet Skeet!
by amliekxe April 17, 2011