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1.
An expression indicating the lowest position possible. An extremely low point emotionally or in life circumstances. From the assumption that whale shit reaches the bottom of the deepest oceans, the lowest point on the earth.
"When I heard that my biatch had left me for Urkel I felt lower than whale shit."

"Dawg, you shunnah had called that judge a snatch-lick. You goin' down, cuz! You be lookin' up at whale shit!
by 6079 Smith W March 23, 2005
 
2.
slang for african american, especially one with bad hygiene. Derived from the joke:
"why don't sharks eat african americans?"
"because they think it is whale shit"
-What is that awful smell?
-Just some stupid whale shit. I hate whale shit, they just stink up the world
by Jack Mehoff October 24, 2004