Generally you can use the beamer option allowframebreaks to split a frame automatically if its content doesn't fit on one frame:
\begin{frame}[allowframebreaks]
...
\end{frame}
Sadly, this doesn't work for theorem-like environments, the reason being that these are typeset using a beamercolorbox by default. The contents of a beamercolorbox are gathered in one single box which can't be split across frames.
I only see two possibilities to overcome this at the moment:
Make the theorem environments not use a beamercolorbox for the content. This can be done by redefining the beamer templates theorem begin and theorem end:
\documentclass{beamer}
\theoremstyle{definition}
\newtheorem{exercise}{Exercício}
\setbeamertemplate{theorem begin}
{%
\par\vskip\medskipamount%
\begin{beamercolorbox}[colsep*=.75ex]{block title}
\usebeamerfont*{block title}%
\inserttheoremname
\ifx\inserttheoremaddition\empty\else\ (\inserttheoremaddition)\fi%
\end{beamercolorbox}%
{\parskip0pt\par}%
\ifbeamercolorempty[bg]{block title}
{}
{\ifbeamercolorempty[bg]{block body}{}{\nointerlineskip\vskip-0.5pt}}%
\usebeamerfont{block body}%
\vskip-.25ex\vbox{}%
}
\setbeamertemplate{theorem end}{}
\usepackage{lipsum}
\begin{document}
\begin{frame}[allowframebreaks]
\begin{exercise}
\lipsum[1]
\lipsum[2]
\end{exercise}
\end{frame}
\end{document}
(The lipsum is for creating dummy text, you can remove it and replace it with your own content.)
Note however, that this may considerably change the look of your theorems if you use a theme that has a colored background for theorems. For sober themes like the default one or Montpellier it should be perfectly fine.
You can manually issue the frame breaks. To do this, define a new macro \theorembreak that ends the current beamercolorbox, starts a new frame and a new beamercolorbox:
\documentclass{beamer}
\theoremstyle{definition}
\newtheorem{exercise}{Exercício}
\newcommand*{\theorembreak}{\usebeamertemplate{theorem end}\framebreak\usebeamertemplate{theorem begin}}
\usepackage{lipsum}
\begin{document}
\begin{frame}[allowframebreaks]
\begin{exercise}
\lipsum[1]
\theorembreak
\lipsum[2]
\end{exercise}
\end{frame}
\end{document}

This has the advantage that you can keep the exact style of your theorems, but forces you to do the breaking manually.
overprintoroverlayareaenvironment to have the content of the box change from slide to slide. – Matthew Leingang Apr 02 '12 at 13:43