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Somewhere between fantastic (as in surprisingly great) and phantasmal (seemingly visible but with no physical reality).
Dude, the Bulls will never get Gasol for Duhon...that's just another fantasmal Sam Smith trade scenario.
fantasmal by jjbjjbjjb February 16, 2007

fantasmagorium 

Not to be confused with "phantasmagorium"
Fantasmagorium denotes:

1. A place, or "emporium" if you will, full of fantastic items or pleasurable activities.

2. Used sarcastically to describe a place that is not fun or excitng.

Note that it is usually followed by a one or two word description.
Ex.

1. Dude, I can't believe you don't want to go to the fair, it's a fantasmagorium of sight and sound!

2. (sarc.) Yeah, right I would love to go to Jeffrey Bacon's house, it's a fantasmagorium of fun and excitement.

fantasmagasm

A Fantasmagasm happens when something is really, really awesome. Not necessarily sexual. It consists of an immediate smile and jumping up and down in giddy fashion going "Omg! That's so awesome!" or something to that effect. It is pure happiness and excitement.
When I told Johnny he won the lotter he had a fucking Fantasmagasm!
fantasmagasm by Macdaddy41 September 2, 2007

fantasmacredilous 

a combination of fantastic , majestic,incredible and fabulous. Used to describe items or events that are so shitastically amazing that they cause ones balls to explode due to joy overload.
Man, weekend at bernies was on last night, that movie is fucking fantasmacredilous, i was cleaning my ball off the walls for hours.

Fantasmagorical 

Quite simply the BEST word ever devised. It's a mixture of the words, 'fantastic', 'amazing' and 'magical' all in one juicy little package.

It's important not to overuse the word. It's reserved for when ordinary, boring words just won't cut it.
"Woah, Melisa! Those knee high, stripey socks are fantasmagorical!"
Fantasmagorical by Richard/Melisa October 25, 2006

Fantasmafuckinggorical 

yes its possible...it's even better than fantasmagorical.
It's really really really really really really really really epic and amazing and is to only be used in rare occations.
*friend pulls off a tripple-backflip* that was fantasmafuckinggorical!