Person1: "Hey Jen did u see how Patrick got owned?"
Jen:"Yeah that was hellolarious!!!"
Person1:"Oh god Jen shut up with that word it sounds retarded"
Jen:"*sniff* ok"
When a person from the BAY AREA finds a situation, person, or something outrageously funny, it CAN be described by this term.
At a party, a bunch of people are chattering about until they mention a really funny person they all know. One of them then says, "You know Steven? That guy's hellarious!!"
"Man when that girl didn't know what OJ meant, that was hellarious!!"