When one is not phased by social regularity and is content with being in situations deemed disgraceful, such as whilst tripping balls and playing with a stick for hours. In the modern world such actions would be considered disgraceful.
The key point behind being a disgrace is that your having the most fun by not conforming to society's ideals of consumerism and greed.
Note: To be a true disgrace one must not be in or do anything life threatening, instead must be sill and daft at all times.
Person 1 - "why is that guy dancing in the rain with only his underpants on?"
Person 2 - "because he is the great disgrace"
other examples include
"jimbo you are the great disgrace"
"hes the amount of disgrace"
"hes become the great disgrace"
when you've taken to many drugs - "look at the colours!..oh im such a disgrace"