When something is either so good it cannot be described by any other word, or when something is so bad it makes you feel like shit.
Can be used when describing somebody, either extremities nobody is sure which.
person 1: YO BLUD! shes frezzi still!
person 2: nah man shes alright
person 1: thats what i meant you wasteman
person2: stfu u frezzi arsewipe
person 3: FREZZI BRO