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 outbehind the school waiting for ya, man.
I know, right, wedobe doin it behind there.
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.