Used either to compliment someone that's just made you happy or used insult someone (ex. in the same sense of the term "bitch").
Person A: "Hey I got us tickets to that concert for Saturday"
Person B: "No way! I'll could literally fart on you right now!"
or
Person A: "Sheila is such a bitch, all she does it talk shit."
Person B: "Dude ikr, I hate her. I'm literally gonna fart on her."