When you are seeing yourself in the mirror, you turn around to your friend and ask him/her, if your clothes suits to Friday night. So your friend says "Fancy that shit!" you're right.
In another way, you use "Fancy that shit" when you describe your enthusiasm for a madness of a daredevil.
When you are in front of your mirror at home and you will go out tonight, you'willcheck your clothes. When you ask your best friend or your pet, if your look is the right for the party and he/she/it answered "fancy that shit", you have combined a creative "dress for success".
In another way, "fancythatshit" means a daredevil expression of yourself or something or someone for new values of the 21th century. So you would like to show your respect for the action you'd seen.
No humanism. No conservativism. But recklessness. Without fear or favour.
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).