A) an object or item of great interest;
B) an unattainable female specimen that you and your friends only dream about, but never have the guts to approach;
C) an exciting situation or prospect in which the observers or participants revel or marvel in.
A) this new sound system is spankelicious.
B) dude, the chicks in that party were totally spankelicious!
C) you got those DJ Tiesto tickets at 40% off? the concert is gonna be so spankelicious!