Oh shit!
Oh, stuntin' to the max, I'm so wavy

from Rick Ross (Ft. Dr. Dre & Jay Z) – 3 Kings Lyrics on Rap Genius

Meaning

To the listener, this could be assumed to be a Jay-Z freestyle.

Depending on how you want to look at it, Jay may have messed up the previous bar. Then he says “Oh!” and repeats it better

Likewise, “Oh shit” could be Jay assuming the position of the listener who is surprised at the Max B reference.

Also, Jay could have been surprised that he came up with a hot line out of nowhere. It’s very common to reflect back on your verse and say “Oh shit” “that was hot!”, although most do it after the fact.

This is Max B who coined the phrase “Wavy”

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