1. Synonymous to "hella good", minus the Californian-ism.
2. Really good. Fucking good, etc.
3. Goodness with goat-horns.
Dave: I just maxed out all my 10 credit cards and now I'm moving to Indonesia. At least I can buy an island out there with the money.
Rakeem: That's hell good bro. I'll buy my island the next reef over.
Rakeem bites into a BBQ chicken pizza, "Damn... that shit is hell good!"