A term used, usually in context with drugs or alcohol, that signifies some sort of positive state of mind or action. The Verb from (To crash it) Is usually associated with just basically being very, very intoxicated and doing something that, while intoxicated, seems much cooler than it really is. It can also be used to exclaim moments of joy or success. Ironically, the inflection of this term is the opposite of that usually associated with crashing a car or some other material object.
And in most cases, a physical "hoorah" is coupled with the phrase, which looks something like clapping your hands together then holding them at roughly shoulder's width (palms facing out) and making some sort of funny face. This can be even more so extenuated if one hand is simultaneously holding a lighter.
"Dude, Charlie... Conner just drank 4 yagers and took 4 bingers in 4 minutes!"
"OHHHHhhhhHHHhhhHHH SHIT! HE CRASHED IT!"
"You guys, we just got pulled over but the cop let us off with a warning, and I'm high as FUCK!"
"WE CRASHED IT!"