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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
 
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