The humorous conversations you have (usually while drunk or high) that go on about abstract, "what if" scenarios for very long lengths of time, usually until someone says something stupid and you all quit so they won't talk again.
We had a flying horseshit conversation about maxi pads, and decided that they would be better off called "blood sponges," prompting the new cartoon character "Blood Sponge Square Pants."
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 $2 million.