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1.
Used as an extreme of the word "Fuck". You would use it in any situation where you would use the word "Fuck". Or just simply insert it into any sentence replacing the noun, adjective, or verb. Makes 'em know you ain't megafucking kidding.
Adjective:

That guy's a megafucking loser!
Noun:

That party was such a megafuck!
Verb:

Dude, I totally megafucked Jessica last night!

I megafucking hate getting a dirty sanchez!
by Clarke B., Nikita M., Julia C. August 10, 2010
 
2.
A unit of measuring how much some one got fucked over
Wow did you see that, he got totally Mega-Fucked
by Glenjamin87 August 09, 2009
 
3.
1.to fuck with excessive force
Mike megafucked the blow-up doll and made it explode.
2. a unit of measuring fucks
1024 fucks equals a kilofuck, 1024 kilofucks equals a megafuck
1. Mike megafucked the blow-up doll and made it explode.

2.1024 fucks equals a kilofuck, 1024 kilofucks equals a megafuck
by Ph@7e December 13, 2004