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1.
The feeling one gets shortly after New Years when they realize that they have made horrible horrible life decisions in the last year. This feeling generally results in the person making swift or rash, yet posthumous New Year's Resolutions.
Person A: 'How was the party on Thursday'

Person B: 'It was good I think... Still hung over though'

Person A: 'Wow, you must have been Shit Bombed'

Person B: 'Yeah, I've had a New Year's Revelation. I need to quit drinking!'
by Nautie December 30, 2009
 
2.
Happens around January 15th with the realization that there's no way you'll be able to keep your New Year's Resolution.
Oh man, I was totally going to get in shape, but I ate that whole pizza and had a New Year's Revelation.
by VDG January 02, 2010