1. Used to describe something that is top-notch, the best something can possibly be in its category.
2. To have complete and total dominance over something.
3. To be totally crushed by someone who is undoubtedly better than you.
Guy #2: Damn, she's totally feder-level.
2. Microsoft's control over computers is really feder-level.
3. Yo man, the Devils feder-leveled the Lightning last night.