When a situation is absolutely shitty.
-Did you see what happened to Jen? Her boyfriend was caught using her underwears
- What a shituation!
1. When a prediction about the future is actually bad, even if the person feels like it would be a good thing;
2. when a prediction is really bad
-I really think the next elections are going to be peaceful and for the greater good.
-Well, that's a fuckristic idea.