Cute.
But not exactly true:
he word s.h.i.t entered the modern English language via having been derived from the Old English nouns scite and
the Middle Low German schite, both meaning "dung," and the Old English noun scitte, meaning "diarrhea." Our most treasured cuss word has been with us a long time, showing up in written works both as a noun and as a verb as far back as the 14th century.
http://www.snopes.com/language/acronyms/[bleep].asp