2. Used to make someone feel stupid. You say it, offer them a fist pump and when they go for it, give them a thumbs down. Stick your toungue out at them if you like.
2. A really annoying person says something he thinks is funny, so you say "Good one, good one," and offer a pump. When he goes for it, you give a thumbs down and say "Thbbbbttttt!!!" Now he feels like a dumbass. Nice...
It is over emphasized greatly to stress the point that the comment or humor they made was in fact "NOT, A GOOD ONE."
Often will annoy or hurt the person it is directed at, but that was the point in the first place! Sometimes it is followed by the persons name to further cut them down as in " good one hank!"
Gary: you should have said, " I can't go out because I am a reverse vampire and the night kills me"...
( pause with no laughter)
Harold: Good One!
Gary: Shut up, your jokes are lameburgers too..
Harold: wow, another good one!
Gary: you're a jerk