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1.
Something that is definitely a regret but at the same time is so funny that it's great.
1) Challenging Bob to that hard-boiled egg eating contest last night was a regreat especially when he started throwing up in the rice-cooker in front of his mom.

2) Girl #1: I can't believe I hooked up with him on a pool table while his friends were playing fooseball next to us cheering him on.
Girl #2: Oh well, last night was full of regreats... remember when Brook fell down the stairs and landed on top of the dog.
Girl #1: Oh yeah! that was such a regreat.
by Stoptryingtomakefetchhappen January 12, 2011
 
2.
An enjoyable drunken transgression recognized the morning after as a "regret" in order to salvage reputation.
Casey: "Did you hook up with that whale last night?"
Andrew: "Yeah man, I totally regret it."
Casey: "More like reGREAT it you chubby-chaser!"
by T Bomber November 01, 2009
 
3.
a feeling of elation over an action for which society typically prescribes guilt.
The death of her abusive father after two estranged decades filled her with regreat.
by GDotCom August 03, 2008