Used only by faggot-speaking circles, it means simply as a substitution for any noun.
Only to be used in caution, this will signify to all of those around you that you participate regularly in events where you receive cock in any/all of your open membranes, and most possibly bathing in post-coital residue.
Male A: Yo, what's that? You packing some shtu?
Male B: Yeah, it's shtu.
Male A: Ah, per shtu.
Male B: Alright, well let me pull out my cock now.
Male A: Great! Put that shtu all up in my asshole, then my ears, then my mouth please. Make sure you give me all that man shtu.
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