Adjective; used to describe a situation in a sardonic or sarcastic manner. If taken literally, it refers to the scale or proportion of a situation. However, if used in a dry manner, it implies a certain poignant discontent, along with a grandieuse of displeasure stemming from the actual cause.
Also; foopalicious, foopnasty, and fooptastically adv respectively.
We've run out of gas because you gave all the money to a stripper, and now were in a town entirely populated by the living dead; what a fooptastic situation.
Did you she the 'smashing' frock she wore to the cremly vista box social? Why, yes I did. It was quite, er.. Fooptastic if I do say so myself.