1. The adjective form of Lux. Which measures light. Thus it means possessing brilliant light.
2. (Slang) Something that possesses beauty, luxury and/or luck. When it is in reference to a person it is usually sexual in nature.
3. The name of Kirsten Dunst's character in The Virgin Suicides. A pretty, out-going teenage blonde who is practically imprisoned along with her sisters in her house by her protective mother.
Dude #1: Damn you see that rich chick with the neon-pink swimsuit on?
Dude #2: Yeah, man I've been staring at her for the past 20 minutes. She's got a trust-fund and a fine-looking ass. How lucky can you get? That is one luxy ass bitch.