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1.
A sarcastic phrase first popularised by the cult classic "Zoolander". The term itself now has many widespread social implications for its use.

The phrase is most commonly used in response to an anecdote which fails to convey any sort of interesting message. That is, the content of the anecdote is lackluster, boring or just plain irrelevant.

It is imperative to mimic the tone of Derek Zoolander when using the phrase as to give greater emphasis, it will also be more noticeable by your peer(s) as a sarcastic remark and not be misconstrued as a compliment.

Elongation of vowels is preferred but not essential, moreover Scandanavian accents or impersonations bring about best results when using this phrase.
Statement: "Whilst at work the other day I had to refill my stappler but I could only find size 4 stapples and the stappler only took size 3 which sucks. So yeah, it took me ages to find the right size stapples lying around the office."

Reponse: "Cool story Hansel"
by Ksbunker March 22, 2007
 
2.
Originally inspired by the movie Zoolander, this sarcastic phrase is used to respond to a story that lacks substance, or a story perceived to have no message.

The only way to redeem one's self after having been on the receiving end of this remark is to sarcastically reply "Thanks Olaf"
"... and it turns out that after I talked to her, she didn't actually know my friend."

"Cool Story Hansel!"

"Thanks, Olaf!"
by Branman515 April 25, 2007