An exclamation usually used to expressed surprise or disgust. The combination of bull and fucking to shit further adds to the emphasis of the intended meaning of shit. Similar in nature to Jesus Fucking Christ, Motherfucking Shit, or Chicken-Shit Motherfucker.
Football game: The ref signals out-of-bounds when the qb actually scored a TD.

Tony: What?! Bull-Fucking Shit!
by The Teacher August 17, 2004
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absolute nonsence. Also used as an interjection to convey disgust and disbelief.
Joey sees a political ad on the TV. The politician says that he stands for "family values". He reaches for the remote and says "Bull Fucking Shit!"
by I Saw U2 Live Twice November 7, 2006
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