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1.
Something that is cool or impressive. Often used in a context of surprise in regards to news or information.

May be used in the context of sporting, similar to "that's clutch."
Tom: Did you hear that Karen got married?

Joe: That's skate, bro.

Keanu: Brah, have you seen the movie "Point Break?"

Swayze: That was pretty skate...
by joedavidsonhurricane July 17, 2011