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1)Used to describe something/someone that is beyond fantastic, amazing or spectacular.

2)May also be used to describe or compliment someones sense of humor, attitude, cooking or disposition.
1) "That lady is the most Bombdiggityass person you could ever want to meet! That's the best way to describe her."

2) "I bought a Gourmet Pumpkin Cheesecake for Thanksgiving Dessert & Oh man it was Bombdiggityass!"
by Cynful Cyn February 07, 2011