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1.
A fantastic dramatic moment, usually performed by the ultimate drama queen.
Girl 1: I was so furious with him that I threw a drink in his face and stormed out of the bar.

Girl 2: Wow! That is so dramatastic!
by Katie Marcy June 11, 2006
 
2.
When some situation is way past the level of plain ol' drama and not quite fantastic (because fantastic can often allude to something positive)--the conflation of the two is dramatastic. It's fantastically dramatic, like drama on a whole other level. It's the kind of thing, no sane person wants any part of.
"Leave my name out of it. I don't want to get involved--it's too dramatastic already!"
by soybeansandsunshine October 19, 2011
 
3.
a word that only complete losers use, to describe exciting events
Joe: Wow Connor that math problem was dramatastic! I never saw the answer coming.
Connor:....
by Sculliosis February 28, 2009