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1.
adj. Unnecessarily extravagant; fancy, with modifier ass usually used ironically for humorous effect to play down pretensions that might be associated with refering to the object's exorbitance, or to sarcastically refer to an object that is outmoded or of inferior quality.
Would you care for a ride in my fancy-ass automobile?
by Alan Rudolph March 12, 2006
 
2.
when you put a tea spoon full of caviar on someones but hole and proceed to toss the salad.
i brought the caviar! tonight i'm having your fancy ass!
by groupie#1 September 23, 2006