Of high quality.
Theis drink has a premium price because it's made with top shelf liquor.
Cream of the crop, of extraordinary quality.
The phrase is derived, not from the position of premium bottles in liquor stores, but their position behind bars. (as opposed to "well" liquors, which are stored in the bartender's speedrack well, and "call" liquors, which are popular but not displayed (and which must be "called").
Man, this Hennessey is top-shelf.
When someone scores a goal in hockey and puts in the top of net, it goes "top shelf". See also: top cookie
HOLY MAKINAW! He put that top shelf, right next to where mama keeps the peanut butter!
The best of the best. Usually refers to where wine or liquor are kept in a specialty liquor store. The best stuff is kept at the top for display until someone needs it.
This Don P. is top shelf.
When one takes a crap in the water tank of a toilet. This is usually done as a party prank or as a method of smiting one's enemies. It's a real pain to clean out, stinks like hell, and makes the toilet flush brown for days.
That guy wouldn't give me a beer at the party at his house last night, so I gave him a top shelf.
A top shelf magazine contains 'men's interest material', making it unsuitable for minors to look at and therefore it is put out of their reach on the top shelf in the newsagent.
"If you're looking for 'Shaven Asian Babes' you'll find it on the top shelf."