Someone who is Gormless but you want to use a differant, more interesting term. (eg. Putting 'ster' on the end) The advantage to using this insult is that no one will no one what it means! (Not a Guarantee)
It's a sarcastic way of saying Hoorah. By putting 'Bloody' in the middle everyone will know that you are not ecstatic with the current event that is taking, or will be taking place. For best results use a rolling eye action or raised eyebrow expression. Who ever said sarcasm was the lowest form of wit?
Ben: Hey! Lets go and listen to the Lion King theme music over and over again!
Rachel: Whats wrong with you?
Ben: (Ignoring) Excellent! We can all listen to it!