WCheese is a general term used to describe something (usually when you cannot think of anything else). It can also be used to enhance something, to greet someone, or to insult someone.
Gimme dat wcheese. You smell like wcheese. What up wcheese? She was all like wcheese.
A Shackteau is a humble, weather-beaten, structurally questionable shelter located in a spectacular or highly coveted place—Wales, Jackson Hole, Sun Valley, Crested Butte, coastal Maine, the Alps—where the building itself may be worth almost nothing, but the dirt, view, access, and mythology make it absurdly valuable.
In use:
Shackteâu - We thought it was an abandoned shed until the realtor called it a rare alpine Shackteâu with unobstructed views and listed it for $2million.