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1.
1.Generally awesome or cool. Also, to posess ownfullness.
2. If pertaining to women, hot or sexy.
John: I just got a a new car!
Flance: Dude, that's quailtastic!

or

Lexford: Dude, check out that hot chick!
George: That is one quailtastic babe.
by Quailsworth September 05, 2009