the way to correctly address a friend in late 2010. may be used instead of 'dude', 'man', or 'mate'. May be considered disrespectful to people not on a first name basis or higher authorities. Not intended to be disrespectful when addressing a friend.
Someone close to you whom you adore, but don't have the courage to tell him/her how much they meant to you. Hence using 'little shit' as a cover to hide your feelings towards them.
When a manchild gets heavily offended by a 9-year-old's comment. Most famously coined by the Twitch streamer "Ninja" when he took the bait of a little kid in-game.
Ninja shoots 9-year-old
9-year-old: "aw fuck u faggot"
Ninja: "THE FUCK YOU SAY TO ME YOU LITTLE SHIT?"
9-year-old: "HA U RAGE XD"
Ninja: "FUCJKCJXGVIOKFDJGOIKDSMGFKL;SDMFLS"