Hahahaha, oh, my, I haven't ever seen that song being referred to in english :D But yeah, I am sure you will soon.

Yes, "Scheiße" means "Shit". If I were to paraphrase it, I would say

"Sh" "I" "s" "a"

The "Sh" sounds just like in "She"
The "I" just like in "I"
the "s" is basically a hissing s like in "bars"
The "a" as in "a""ago"

Putting that together should give you the correct way to pronounce it.