The mostfittingeuphemism which is used interchangeably with "shit." A well trained user will be able to switch between "shit" and "schnitzel" depending on audience.
"Dude, I just took a steamy schnitzel on the hood of that guys car"
"Holy frickin' schnitzel! I just won the lottery!"
term is better used by foreigners when talking about pretty and short skirted german or austrian girls.
usually used in combo with "bratwurst", term that defines german/austrian males...