When you are seeing yourself in the mirror, you turn around to your friend and ask him/her, if your clothes suits to Friday night. So your friend says "Fancy that shit!" you're right.
In another way, you use "Fancy that shit" when you describe your enthusiasm for a madness of a daredevil.
When you are in front of your mirror at home and you will go out tonight, you'will check your clothes. When you ask your best friend or your pet, if your look is the right for the party and he/she/it answered "fancy that shit", you have combined a creative "dress for success".
In another way, "fancythatshit" means a daredevil expression of yourself or something or someone for new values of the 21th century. So you would like to show your respect for the action you'd seen.
No humanism. No conservativism. But recklessness. Without fear or favour.
"How I look like?" -"Fancythatshit!"
"Wow, fancy that action of this daredevil!"
Fogey/fogy /fougi/ sl. (early 18C+, orig. Scot) old-fashioned, stuck-in-the mud.
Person with old fashioned ideas which he is unwilling to change: Come to the disco and stop being such an old fogey!
You think me an old fogeyand an old tory, his thoughtful voice said. I saw three generations since O’Connel’s time. I remember the famine. Do you know that the orange lodges agitated for repeal of the union twenty years before O’Connel did or before the prelates of your communion denounced him as a demagogue? You fenians forget some things. (James Joyce, Ulysses. Penguin Books,1992. p. 38)