Something that is ridiculously awesome, or someone that is ridiculously hot.
Guy: Oh my god, look at that girl...
Another guy(mouth gaping droooling): Ridonkalicious...
Used as a transitional statement(to change the subject) when someone has said enough to prove there point and does not want to elaborate further.
Guy: I could donate enough hair to make 20 wigs from the hair on my palms...
Friend: Why? I'm stupid and don't understand what you mean...
Guy: Remember?! My girlfriend is abstinent, nuff said!
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