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1.
Adjective used by musician Walter Becker (of Steely Dan fame). Usually used along with superfine.
"This tape will be superfine, ultradank and most excellent for my purposes."
by Since 1845 April 30, 2006
 
2.
Very fine or good smelling marijuana. Due to the magnitude of the smell, it indicates that the marijuana is very high quality.
(Friend 1) - "How can I contain the dankness of this weed?!"

(Friend 2) - "Try triple-bagging it with a dryer sheet."

(Friend 1) - "It's ultra dank, bro!"
by Xcelorin January 01, 2012