Incrediawesome is when an individual or circumstance exceeds being either singularly awesome or incredible, therefore the words amalgamated equal a greater than awesome or incredible status. Incrediawesome is appropriate to be used when you cannot find a word complimenting enough for something or someone.
Oh my god did she just top the state in that subject? That isn't just incredible it's Incrediawesome!
That trip to the farm was better than awesome it was Incrediawesome!