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1.
1) An absolutely horrifying situation that one still finds hilarious.
a) I can't believe Bill just shit his pants in the middle of dinner with his boss and continued to eat like nothing happened. That's hilarifying.

b) Did you see the last Southpark Episode where Timmy the cripple fights Jimmy. That was hilarifying!
by Shibby! February 12, 2008
 
2.
A situation or sequence of events that is hilariously strange, yet absolutely terrifying.
"Jeremy, get out here! Jim is being molested by a grizzly bear and a gorilla in drag at the same time, it's hilarifying!"
by Maybe It's Methamphetamine January 20, 2014