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2.
when a business enterprise or another culture tries, and fails miserably, to represent something as "Mexican culture"
Man! That new Taco Bell paint scheme's mexi-fabulous!

Did you see Traci's crazy new mexi-fabulous outfit?
by Sorceress of Avalon April 12, 2010
 
1.
Adjective - Something stereotypically mexican, and would be veiwed as fabulous (by mexicans)
That honda civic pickup truck is mexifabulous
by huck&shred March 07, 2013