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An old but cool way of calling something awesome. The term was used a lot in the mid to late 90s.

It has completely dissappeared from the Slang radar after September 11th, 2001 because no one wanted to be suspected of terrorism for using it.
Dude 1: Hey man cool party right

Dude 2; Yeah its da bomb!

Post 9/11

Dude 1: This party is da bomb!

Dude 2: Ah! Terrorist!
Da bomb by t786 December 28, 2009

Da Bomb Diggity 

something you say to emphasize awesomeness or amzingness,it is a new way to express AWESOME!
Dang! that girl is Da Bomb Diggity
Or
that rollercoaster is DA BOMB DIGGITY!!
Da Bomb Diggity by theman98679 April 15, 2011
Person yo-yo is da bomb!
da bomb by person yo-yo August 2, 2003
A really stupid way of saying something's awesome...I mean how old is it now??
Dude: Wooow! That wuz da bomb!
Guy: Dude, thats old...shut up.
Da Bomb by Sooey May 26, 2004
A crude yet effective word describing an excellent event or item
da bomb by topics June 28, 2003

Da BombSquad 

A band native to Lawrence, KS, known for their performances at LHS and with Tech N9NE. They rip some mad tracks with lyrics like "Country Bucket." They got the huckleberrys and the skittles with their nephew, son.
Country bucket shippin' things, oh eee oh!
Da BombSquad by AWW SKEET SKEET March 10, 2005