1. A faux apology which serves as an adequate defense against any multitude of allegations. Displays not only a complete disregard with respect to any responsibility for one's behavior, but also an entitlement to continue such a course of action without fear of the consequences.
Works well in conjunction with the phase "YOLO"
2. A phrase which can serve to mean nothing in particular, except the fact that one is intoxicated and currently care-free. Generally used by college age females in a most annoying manner.
Courtney: Nick! we've been together for a year and I just tested positive
Nick: sorry bout it
Tom: dude I don't remember anything, did I drive last night?
Me: yeah we talked you into it
Me: Sorry bout it
Drunk girl 1: Vodka shots sorry bout it
drunk girl 2: SORRY BOUTTT IT!!!