When Scooby, Shaggy & the gang on the Scooby Doobie Do cartoon bring the bad guys to justice, and the meddling kids can finally relax and enjoy the victory - it's shag time...
When the Devil is on his knees begging Jesus to be his Lord & Savior, indeed we will know it's shag time...
What you say to someone with whom you have had one or more previous sexual encounters. Primarily used to
1. Announce sexual prowess and coolness to the general public.
2. Display lack of shame.
3. Humiliate the person to whom the comment is directed, automatically making you the winner and czar of all things excellent.