Pertaining to a manner of brilliance within the realm of hilarity. It can also be used in terms with "Oscar the Grouch" from Sesame Street.
It is quite an asinine word, yet often very, very useful. It is helpful to people with an I.Q. above 50, to determine who is above and below this number. People who have even a shred of intelligence do not use this word. Ever.
Fred: ...and that is why America is the best country in the world.
Joe: ...does that include Canada?
Fred: Yes. Yes it does.
Joe: But, Canada is so much better than the United States!
Fred: How so?
Joe: Because...it is.
Fred: Fuck you.
Joe: Ha. I won that conversation. It was an oscarly victory for me! Haha!