An extremly stupid way of trying insult someone sarcastically. If someone does or says something embarrassing in class or in public somewhere, the usual sarcastic insult would be "Nice Job" or "Smooth Move". But instead, rich preppy kids feel the need to act more like hippies or punks and insert the word "sweet" into every way of speech. And it escaladed into a revolution in saying the phrase "Sweet Life" when attempting to embarrass someone with a sarcastic insult. It has now gotten to the point where it can almost no longer be used since it now severely embarrasses the user of the phrase. Yet people still think they're cool and feel the need to say sweet life that it will insult someone.
*A kid trips and spills his lunch in the cafe*
Preppy Rich Kid: SWEEEET LIFE!
Geeky Kid #1: So now the proton galaxy will be hostile without me!
Geeky Kid #2: Oh man, I'll save the galaxy for you!
*Preppy Rich kid decides to but into the conversation*
Preppy Rich Kid: AW DUDE, SWEEET LIFE!
*Preppy Rich Kid turns around to his preppy rich friends and high fives them*