Meaning: Shit The Fuck Yeah
Used as an affirmative response or exclamation of excitement, happiness or otherwise heightened positive response
Person 1: Do you want to go skiing this weekend?
Person 2: STFY!
Scenario: A person pulls off a difficult trick, jump, or other stunt.
Response: STFY!
For maximum effect, STFY can be elongated to SHIT THE FUCK YEAH!!