You would use this sentence when a person is just a guy, it was created by rack00nz in a PS4 party you could also say "this man is such a guy" or "what a fucking guy man" you can use it in a positive way or a negative way.
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.