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1.
When something is so bad that the deficient image it portrays is reversed.

The negative qualities of a subject are so abundant that they somehow make it really really awesome.

An action of extreme debauchery or buffoonery that ended up with harsh consequences.
ex 1
"Yelling 'Leroy Jenkins' over the school intercom was totally worth getting suspended for."
"Yeah man, it was terribly awesome."

ex2 - The movie Delta Force
by SheehanSam June 17, 2010