Not the best actor but for sure one of the USA's best presidents. He revived the economy, made Americans feel proud of their country again and helped to bring the communist Soviet Union down and thus free millions of people from dictatorship.
Also in modern use a synonym for a really awesome, cool, hot and outstanding person.
Guy A: So who's the Reagan in your school?
Guy B: It's that chick over there, you know the hot one with the miniskirt and the big boobs.