Basically taking a dump. Use of this term though, refers to a dump that you had been holding in for a long time and finally find the opportunity to get it all out.
12 step recovery jargon referring to someone new who talks about how great life is, now that they're sober. 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.