An action-phrase used when something is unimaginably awesome. Also works well in sports to say before scoring goals/points/ whatever. pronounced with extended stress on i: dragonshiiiit.
The Insane Water Polo Player (IWPP) exclaimed "DRAGONSHIT" as he shot the ball to break the tie.
Ruler of Lake Titicaca. Rumored to have a bunghole that gets very angry if it does not receive toilet paper. Cornholio the Great is often seen walking around with his shirt over his head and his hands in the air, chanting songs about his power, and his bunghole.
"I am Cornholio! You do not want to face the wrath of my bunghole, for I need TP!"
Butthead: Shut up, Beavis! (uh huh huh huh)
Beavis: Um, okay. (heh heh heh heh).