An affirmative exclamation used in only the most illest of situations.
Mike: Hey man I just got the new Finding Nemo for Blu-Ray!
Mark: No Way! Are you fer serious!? Thats fucking pimp-hat!
Johnny liked Susan but Susan liked Scott...because Scott was most definitely pimp-hat.
Howard: Aww man, I just found out I had cancer.
George: Shit dude, that is seriously NOT pimp-hat.