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1.
Meaning that something is awesome, cool, dope, fly, of the hezzy
Did you hear that new song by 50? It takes the awards dawg.
by AndyDrew May 16, 2004
 
2.
when something is so cool it is worthy of getting the 'awards' whatever that may be
that's definitly taking the awards today
by IrishRepublicanArmy May 18, 2004