This time is used to describe something that's terrible, but ulitmatly cool.
"A prisoner escaped from jail by digging a hole in a wall with a Rock Hammer! Took him 19 years! And if that ain't enough, he stole all the Wardens cash and no one can find him!" "Quentin Tarantino!"
"Diagosis: Quentin Tarantino-itis. Therapy: Make a bunch of fucked up movies"