best used by seargant hartman in Full Metal Jacket
In sarcastic context it is used to immediately reinforce the message that someone had just screwed up so royally that
it would permanently alter people's perceptions about that someone from that moment onward.
In the positive context it means that your applaud and commend the actions of another with the goal of motivating them to high levels of performance.
In the positive context no heavy accenting nor does one pause between syllables but the comment is meant in a way that encourages and motivates to new levels of performance.
Context: Your girlfriend shows up in a coat, opens it to display nothing underneath, and stares you in the eye with desire. Your reply is a happy: "Out-fucking-standing@"