When it's coldoutside and you gotta go lay some cable, and when you finish and wipe that shit up the sleeve of the sweater your moms knitted you gets some unwanted secondary ass wiping action.
Dude 1: Dude, I just hung one out and when I was wiping my turd cutter things got messy... check out my Shit Sleeve!
Dude 2: Dude, that's nasty, change that shit out and let's go get some tacos.
Nickname given to bales of marijuana thrown overboard or out of airplanes. Origin is reportedly from members of the US Coast Guard in the area of Southern Florida.