An exclamation most appropriately used during times of excitement, complementing or bragging. Can also be used to describe objects or events that are bold or in-your-face.
Yo that chick over there just gave me her phone number. Blizzam!
Olivier: "Hey Joey I just got some black wheels for my Civic."
Joey: "Awe man I gotta see this... Blizzam!"
An expression defining excitement or pleasure in any given noun. Most commonly preceded by "the". Similar words include: shiznit, tight, awesome, best, etc.