An expression of shock, surprise, or disbelief. A more colorful way to say "no way" or "that's crazy".
Chad: "Did you hear that Karen dumped me because I laughed at her the other day when she complained to the manager at McDonald's because her french fries were too salty?"
Me: "What? Get out of town!"
"Get out of town" is an uncommon but used phrase that is basically a nicer, censored way of saying "F**k off" in result of a dislikable situation or outcome of a situation.
Mr. Jones - "James! Your getting double homework for not paying attention!"
James - "Aww get out of town!"
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