Don't let the name fool you, 'shit-tastic' actually means that something is really bad or fucked up. It's like being sarcastic whilst still saying something is shit.
Hey do you like my new anal dildo?
*rolls eyes* It's shit-tastic!
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An adjective that describes a situation that is fantastically shitty. It is the shitty version of a fantastic situation.
your bro- "Dude i just saw your girlfriend blowing your boss."
you- "Well isnt that Shit-tastic!
An event that exceeds your known understanding of bad circumstances.
"Went to a craw-fish broil; some dog knocked over the broiler. `Twas shit-tastic."
"By shit-tastic, do you mean: 'An event that exceeds your known understanding of bad circumstances.'? That's what I get from the way you say it, anyways."
"Yeah basically."
"Oh, haha, cool. Man, that sucks! What'd you do?"
"Ducked out of there with my girl and her sister's dogs. They didnt knock the shit over, but they were there and I like looking after them."
"Ah that's cool, what breed are they?"
"I don't really know. Like jack russel something. no fucking idea."
"Haha, alright man. Nice chatting."
"yeah no prob. peace dude"
"l8r"