Shedobe is a combination of the words she, do, and be. It is slang often used by very sexy bitches to assert their dominance on other people in a sentence by being cooler than other people.
Other words like this include: Theydobe, Wedobe, and Itdobe.
Shedobe hanging out behind the schoolwaiting for ya, man.
I know, right, wedobe doin it behind there.
Boys who enjoy yaoi (a genre in Japan that contains sexual and/or romantic relations between two men); literally translates to "rotten boy"; corresponding female : fujoshi