Being 'fratastic' is a beauty and an art that is acheived only by the most elite. Those who are 'fratastic' are often found peeing in random places, drink every night of the week and weekend just for fun, throw day parties in which they end up blackout by 10am, have late night dance parties, do keg stands, funnel their beers, have keg races, are phenomenal at beer pong and or flip cup, and basically they never stop. Usually in order to be 'fratastic' you also need to have a story that is your claim to fame, such as 'that time i was drunk for a week and a half', or 'that time i woke up naked 10 miles away in a downtown city area', or 'pissing in a cop car while being arrested for being beligerently drunk' etc. Girls can be called fratastic for certain events or stories, yet it is much harder for them to acheive this level of amazingness based on their larger capacity for embarassment.
The fact that joe had been blackout drunk for the past 6 hours and was having issues standing, and that it had no effect on his amazing beer pong skills was wonderfully fratastic.