"Wibawastic" first originated in Spain when a drunk American foreign exchange student tried describing a fun pre-gaming party. The student was trying to say the pregame party was wonderful, ballin', and and fantastic all at one time.
The produced sound turned into "Wibawastic" a combination of all three thus making the before mentioned party even more awesome.
"Wibawastic" does not need the contextual usage of referring to just a party.....it can be anything and is commonly used in the greater part of the province of Castilla y Leon in Spain today.
Nate: "That party was out of control last night!"
Cassandra: "Yeah it was wibawastic!"
Christian: "I can't believe I just got a 100 on my science exam."
Caleb: "Man.........that's so wibawastic."