sweet as said by cartman from south park. Used to describe something that is utterly sweet, but because if it's high sweetness level, is accompanied by and extra h.
The term used to mean the opposite of "sweet" in a pseudo-sarcastic way.
"Dude, yesterday I was fired, got home to find an eviction notice, turned around to see my car being towed, and then saw my girlfriend making out with some asshole..."
"shweet..."
"Dude, i trimmedmy balls today."
"...Shhhweet bro..."
:pretty much saying, why the fuck did you just tell me that.
2- or one could just be saying sweet with the sh.