Craptastic is a cross between crappy and fantastic. Craptastic can be used to describe an event so crappy on a large scale, that you just sit back and watch it in all its crappy glory. For instance, your buddy puts his car in the ditch the first day he has it.
Eric: Dude, can you give me a hand?
Corey: With what?
Eric: I kinda put my car in a ditch...
Corey: Where are you at, I'll be there in a few minutes...
--->5 minutes later
Corey: Dude... this is definately a craptastic moment for ya.. Especially cuz I dont have a tow rope!