1.) The word is an ode to the Renaissance leader Cosimo de' Medici. It has multiple uses but is often used when describing something as complete, good to go, alright, straight, golden, and legit.

2.) Medici could also be used as a way to address an amigo, bro, or broski.

see: straight golden legit bro broski
Mike: "oh shit are we having that History test today, I'm totally fucked I didn't study at all."

Garfunkel: "nah man its tomorrow."

Mike: "oh I'm Medici then."
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Winston: "you wanna get at that party tonight Jack?"

Jack: "hell yeah Medici, that shit should be Medici."
by beerpongpro November 05, 2009

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