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2.
What is both crazy and awesome? This. When someone's wild, impossible antics in a TV show would end with them being placed in the funny farm, but instead ends with them becoming incredibly endearing within the hearts of the viewer simply because...it's crazy and awesome.

This can also apply to going beyond the impossible and breaking the laws of reality (Have you seen a tap-dancing Paperclip? Neither have I, but it matches the criteria.)

Visualized, Crazy awesome would be a bear with a cigarette, wearing a bandanna, wielding an AK-47, arms raised prepared to maul an innocent bystander whilst surfing on the back of a Great White Shark.

Comes with praise, happiness, and the occasional lulz
Pillow fights: Man vs. woman, fun; Man vs. man, gay; Woman vs. woman, sexy; Man vs. Pillow, crazy; Pillow vs. Pillow, Crazy Awesome.
by A Terrible Driver August 12, 2009
 
1.
You can define it as being really sweet, and intense, and cool, all that in one. It is honestly a super wicked awesome word and everyone should use it in their vocab. It can also mean a really exciting event or it can be said about your friends, its really a universal word which makes it pretty crazy awesome in its self.
the singer at the concert made the whole deal really crazy awesome, i want to go again! YEA!
by Emily Touring June 23, 2007