A combination of the words "fuck" and "shit". Usually used to express deep anger when one is pissed offto the max. Can also be used to describe an object as great, like one would say something is "the shit".
"Brad, I was driving your sister home, but we were in a terrible crash, and... I'm so sorry..."
"FUCKANDSHIT!"
"Hey, remember those Harvest Moon games we used to play?"
"Yeah man, those games were the fuckandshit."
The art of being a fucker, commonly refered to as a douche or someone not following the rules of life. The ass is there for dramatic effect. And bitch is there for the art of being a female dog or somebody who hates niggers.
That FUCKASSBITCH is coming to my house, drinking my koolaid and rapping my dogs. I mean honestly, get that FUCKASSBITCH out of my hizzouse.