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Slang. Can be used to replace to emphasise the outrageousness of a situation.

Casual. Unbelievable, in a negative way. Crap.

In gaming- indicating something is imbalanced/imba.
e.g. "That hero is so good its ridicushit!"

"She really did that? Ridicushit."

"My ass!"-> "Ridicushit!"
by Mountainess August 19, 2009