Learn English – Is the expression “You the Man” gender neutral

"Yeah, right!" is an example of irony. Irony is the use of a word or phrase to mean exactly the opposite of its literal sense. Here it would also qualify as sarcasm. It would be understood to mean "No f@$*ing way!"

You would definitely not use it in formal writing, unless that composition was a treatise on slang or some other academic discourse on language.

Urban Dictionary said

I call him the devil because he makes me wanna sin...

That Handsome devil sure knows how to make me mad yet, glad. I wanna push him off a cliff but then jump to save him.

Yahoo Answers said

... A good-looking cheeky fellow.

and

Handsome guy ... goodlooking Satan

The Wordreference thread confuses the issue.

The first two say pretty much the same. The guy is handsome; so handsome that other men acknowledge it. The Devil part of the expression, when said by a man, can indicate some envy of this guy.

He is so handsome that women find him to be an instant temptation. If they are already involved in another relationship, then they may see him as an invitation to sin. Some can find him hard to resist.

But he also knows all that. So he flaunts it, and perhaps teases women with it, enjoying the effect on others. Some people might call that behavior cheeky.

Hope that helps.