1: The first letters of the names of the gods Solomon, Hercules, Atlas, Zeus, Achilles, and Mercury, usually screamed by Billy Batson to summon the power of Captain Marvel.
2: A Goofy fuckin' exclaimation uttered by Gomer Pyle to further make him look like a dumbass.
3: An acceptable phrase to utter during orgasm whilst having sexual relations.
Something is shazaming when it gets to the highest point of excitement. If you say "something is shazaming" it means that something is extraordinarily.
The expression of happiness, elation or general agreement on a subject matter at hand. An informal mannerism used to express ones individualism and or excitement in a quite place (i.e. the library, class, work, church, funerals, etc.)at no particular time and for no reason beknownst to anyone but yourself and the immediate party (parties) involved. Usually accompanied by a single or a double high five, depending upon the discretion of the parties involved as well as the social setting of the "Shazam!".
Joe: Hey Philly, guess what?
Philly: Whats that dear friend?
Joe:We both just got a raise and don't have to work this weekend! I just found twenty bucks,it's happy hour all week long and that hot mom over there is totally eye fucking you right now!...
Joe & Philly: SHAZAM!