This expression stems from the 1988 Tom Hanks movie Punchline, in which the character called Albert Emperato played by Taylor Negron, uses it to refer to anything cool.
2. Random exclamation yelled out for absolutely no reason. See Shabba.
3. Can also add 'mutha fucka' as a suffix for extra emphasis
Bob: "Shakazulu mutha fucka!"
Nicole: *Awakens, gets angry*