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1.
When someone or something is looking extra fresh. Commonly used to describe people's outfits. Being told you have flazz is a large compliment and is similar to being called sexy, having swag, etc...
Jim: "Did you see Demetri today"

John: "Yeah, he has mad flazz with those new shoes and new hat"
by tdizzle123 July 27, 2010
 
2.
A word used widely as an adjective to describe a negative instance or event.
Yo this game is flazz.

That burrito got my stomach feelin' flazz.

This traffic is ultra flazz.

Yo look at flazz boy over there.
by Steve Quintana May 16, 2008
 
3.
To flazz is to flail and spaz simultaneously. This is generally done in conjunction with music, as in dance.
Yo Kyle, that was some mad flazzing we did last night.

That flazz really embodied the flail and spaz. Good job.
by bungiejumper911 August 31, 2008