just as the same way to say nice but if u say it loud and with an impression (no not in a borat impression more like hyper spanish guy and with a lot of energy) its only used when something awesome happens or when to mock someone when they do something wrong
Victor- So what u do saturday night
Jeff- i did my gf twice
Victor- I got an a on a test. NICE!!
Guillermo- I got fired and my gf dump me