Clever rhyming phrase used to convey surprise or dismay. Similar to the common phrase "well suck my tits and call me a bitch" or "Well slap mah tits and call me a whore."
Can be interpreted literally, as in the process of defecating onto a human teatlet, primarily of the female variety. This definition is often used by those unfamiliar with its more common usage as an interjection.
A Shackteau is a humble, weather-beaten, structurally questionable shelter located in a spectacular or highly coveted place—Wales, Jackson Hole, Sun Valley, Crested Butte, coastal Maine, the Alps—where the building itself may be worth almost nothing, but the dirt, view, access, and mythology make it absurdly valuable.
In use:
Shackteâu - We thought it was an abandoned shed until the realtor called it a rare alpine Shackteâu with unobstructed views and listed it for $2million.