a funny and inventive alternative to 'shit'. more of a cuss word you'd yell out, perhaps when doubled up in pain, more that in regular conversation because its just too wierd
woman: 'george, be careful not to tread on that-'
man: owwwwwwwwww SHITCAKES!
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.