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1.
Something that is both fake and fantastic. Generally used in regard to food.
That french toast made with fake eggs and artificial sweetener was faketastic!
by Brian Enos November 06, 2006
 
2.
The emotion you feel when you are so entrenched in the plain and ordinary, but must fake the excitement associated with feeling fantastic.
I just got redeployed at work and now I'm on a team that hates my guts. So with a big faketastic smile on my face, I said "thanks, I'm so happy to be here.
by Wonder Woman 70 August 13, 2009