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1.
In a state of euphoria in which the person experiences true relaxation at its fullest. Originated by Go Dav, rapping legends from the Bay Area, CA. YEE!!
Steve: Ey fool, you alright?

Bob: Yeah dude, I'm hella settled right now.
by juzzblazee April 22, 2007
 
2.
Variation of the traditional "settle down". Settle-D is a street smart phrase used mostly in an urban context when someone overreacts or simply reacts inappropriately to a situation/event. Settle-D is most relevant when the overreacting person is demonstrating too much excitement for their own good and is placing the social decorum of the party in danger.
Overreacting friend: "OMG dude! Look at the chicks that just walked in! I am totally going to impress them by buying a round of shots and showing them my sick dance moves!"

Other friend: "Settle-D bro"
by Jonny CC July 07, 2010