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1.
The opposite of "no shit". Used to express acknowledgement of the not-so obvious.

note: Unlike its satanic opposite "no shit", this is not meant to be sarcastic in any way.

synonyms: "really?", "hmm, I didnt know that".
example 1:

Person 1: "I went to the dentist today"
Person 2: "Yeah shit"
by www.osmar.net January 31, 2004
 
2.
Opposite of no shit. Used when someone says something that wasn't obvious.
"My dog weighs 54 pounds"
"Yeah shit"
The person could have also said "really? i didn't know that" but this is where yeah shit comes into play.
by dickie January 31, 2004