Abbreviation that has become the branded name for the Case Kung Fu Club at Case Western Reserve University (a research university previously best known for their engineering and medicine programs).
It has been theorized by some that they are taking over all the black and grey market activities on and near the campus.
The abbreviation can also be used as a substitute/synonym adjective for something or someone that is bad ass
(see that definition) or the verb ballistic
, as in enraged or violent.