Rhyming slang for cool but in the tradition of words such as "wicked" or "sick" which are used in a contrary context.
Michael Jackson latched on to this phenomenon with typical zeal for riding the zeitgeist when he sang "I'm bad, I'm bad, you know it" meaning "I'm good, I'm good, really" obviously.
Person A: "Coming down the pub?"
Person B: "Cruel!"
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