Brian: "Dude, Steven's shit faced."
Steven: "I am so shit faced, I'm incredibly shit faced and you guys don't even know how fit shaced I really am."
Alex: "Dude, you just said 'fit shaced', I guess I'm fit shaced."
Steven: "No, only a noob can be fit shaced. Thats why I'm so fucking fit shaced."
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.