(1) Something that is so "bad" it's cool. (2) The act of being sketchy but in a mildy amusing way. (3) Complete disapproval of actions that a person has done.
(1) The fat bartender was wearing a thong and when she bent over we heard it snap which was so shife. (2) My buddy later took home that bartender but only after he was being shife. (3) We all thought that was awfully shife of him.