bloody -> bleeding
damn -> darn
damnation -> tarnation
fucking -> fricking, frigging
hell -> heck
Jesus -> jeez, jigger
Jesus Christ -> Jiminy Cricket
shit -> snap, sugar
I’m sure I’ve missed quite a few there
I thought, ‘Oh, snap!’ this morning when I looked under the sink.
A mouse had found the peanut butter I’d thoughtfully left out for it on a snap trap.
I know that Joy says it often on My Name Is Earl. Maybe she’s contributing to the revival.
I always heard it was an Ebonics term, from the game of “The Dozens”. The only cite I could find was good old Wikipedia:
MannyL beat me to the Bizmarkie reference. 
That’s the first time I heard it. It caught on a while up until the demise of C+C Music Factory (I guess that’s the time when Snap! also fell out of popularity). I didn’t hear it again until the Dodgeball movie (then, right away again, catching a re-run of Futurama).
Cheese n’ Rice
All cool snaps appear in a Z-formation, dear.
At times like this you need to go to the source 
I’ve certainly heard it used in that sense.
Or, as Steve Jobs would have you say: Sugar Honey Iced Tea.
I knew a guy who’d say: “Sunny Beach”. Cracked me up everytime.
I always thought it came from the Children’s Card Game , and so figured the term was meant in a “Gotcha!” or “Pwned” sense.
I’ve never used it myself, though- I prefer the pure, unadulterated Seven Words You Can’t Say On US Network Television for my blunt communication needs. 
I too thought it originated with the card game.
Back in the 50’s and 60’s “snap” was said when two people said or did the same thing at the same time as in the card game when two identical cards were played at the same time.
this is where I picked it up, I played dozens as a white kid in a mostly black part of town. a snap is a good insult. usually requiring your opponent to comme up with a better one or admit defeat.
that and the phrase applies to a good insult.
step mom to 11yr old step daughter (teasing)
“are you sure you dont want a beer? it makes you pretty to boys?”
11yr old girl “is that how you got daddy?”
Daddy in the background “Oh Snap!!!”
I’ve heard it in Black vernacular for as long as I can remember. It’s a substitute for “shit,” in this context. It usually means something significant was said worthy of comment.
I first noticed it last week on the Y2K episode! That’s what I immediately thought of when I saw this thread title.