look up any word, like cunt:
 
1.
A phrase that very few slightly old fashioned "nerdy" people use to simply say "Oh, neat!".

Or...
A phrase used by losers when something is unusually cool.
Emily: Hey Brian, do you want to ride to Burgerville later with me and meet some friends?
Brian: Sure, that sounds great!
Emily: Okay :)
Brian: Neato bandito! See you then.
by chicamisteriosa14 November 04, 2010