usually used to express great suprize or something completely and utterly scary as hell. Or a ball like shape made of shit, crap, or something disgusting.
Tony: OH SHITBALLS!!!!
Fred: What's wrong?
Tony: I forgot my homework
or
Tony: Dude, its Eric
Fred: Don't talk to him!
Tony: Why, what's wrong!?
Fred: I heard that he goes crazy and throws his own shitballs at people.
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