If you've spent too long in the sun (or the supermarket), as many out-of-doors Australians have, this becomes an expression of endearment. Similar to the oft maligned
mate.
"You old bastard, hahaha!"
"Uh, yes, thank you."
Of poor quality; uncool. Early hip hop term, from "Rapper's Delight" by the Sugarhill Gang.
"I got bodyguards, I got two big cars
that definitely aint the wack"