1. A sarcastic phrase, implying that you don't care. Similar to 'Good for you.' Any pronoun can be used in the phrase.
2. The phrase can also be used to genuinely show sympathy for things, similar to the usage of 'That sucks.' This usage usually is preceded by 'well.'
Person A: Hey, look! I just found a dime!
Person B: Well whoop-de-doo, sice your life.
Person A: Hey. Don't be mean. :(
Person A: Where's Tina?
Person B: She had to babysit today.
Person A: Oh...well sice her life. :(
Person B: I know, right?
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