Stemming from its Greco-Roman origin "cri", which means "absolute greatness", it is used to describe anything that would be considered cool, awesome, hot or really fucking legit.
"Brooks Brothers has the most crisp non-irons."
"This morning she was walking around naked because she couldn't find her thong...it was so crisp."
It can also be used to show acceptance.
Nick: "Alright, everyone's meeting at Pritch and then we're all going out and getting whiskey bent."
Armen: "Coach, where did you get all that pitz?"
Sac: "Biscuit Kitchen"
Armen: "Oh alright, crisp."
Abbrev: "C" ex: "I don't know what i was thinking last night, that slag was completely un C."
Alternate pronunciation: "crasp"
French translation: "crepes" ex: "That french smut you hooked me up with last night was pretty crepes."
"Yo when did you say that girl gave you the blumpkin of your life?"
"Last Tuesday, after DJ night."
"Oh that's right, crisp."