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1.
Derived from the word ferocious, and pronounced appropriately (the 'che' is pronounced like Porsche).

Used to describe a noun or situation in a positive fashion (e.g. a hairstyle, an article of clothing, a piece of artwork, a dance move). Used in substitution for words such as FIERCE or FABULOUS.
1:

person a) "Check out this new jacket."
person b) "Oh my god, feroche!"

2:

"That was so feroche!"

3:

"The new Marc Jacobs bag: ...feroche."
by Michael Herren March 15, 2008