The response to a situation where something is so unbelievable that a single word cannot incapsulate your reaction, therefore a new word is required that expresses shock, disbelief, and excitement.
"There are thousands of the bioluminescence in one spot, actually I'm going to go ahead and say there are millions... wowcrazy!"
Typical reaction when someone does something to themselves that is completely painful yet insanely cool.
Boggs: My buddy got Converse All Stars shoes tattooed on both his feet.
Goz: What the shit? His whole feet?
Boggs: Fuck yeah! His feet look like two pairs of Chucks.
Goz: Wowch! That is soooo gnarley, no pain no gain!