1. Of, pertaining to, or having qualities which are considered cool.
2. Being part of or related to the.great.shank.
His shirt is shankalicious.
TGS's new CD is totally shankalicious.
A term used to highlight a combination of elite militancy and knifework. Usually exclaimed while playing violent video games in which people are stabbed with knives, or when multiple idiots are fooling around with knives and trying to be cool. Note that fooling around with knives is a very dangerous thing to do.
Sounds pretty shankalicious.