1. a term to qualify a person, action or condition as bad or undesirable. 2. a way to express one's disapointment. Commonly prefaced by "That's so...", "freakin'...", or followed by "...crap."
There may be a guy or girl you see who in the interest of popularity does certain things to make themself look "cool," but in your opinion the things they do are really lame. You may say that this person is cheap. If my computer was to crash in the middle of my writing a long blog I would have said, "What the...? That's so cheap." You may come home after a long day and there is nothing you would like to watch on TV. In that case, TV is being cheap.