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1.
A person who's error or costly action makes friends look bad or draws unwanted attention. Usually due to something breaking, spilling or losing the game etc.

See heat bag
He scored on his own net.. what a cost
by EmoHatch March 19, 2004
 
2.
Adjective used as a synonym to cool, neat, awesome, money and the like. Used to express your appreciation, satisfaction, or positive opinion about something.
1. "Man, that new shirt is cost!"
2. "You're lookin' cost today bro."
3. "That movie was cost! Let's go see it again!"
by RogueMind July 12, 2008