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catspyjamas 

awesome, great, cool; 1920s slang.
"That dress is the catspyjamas!"
catspyjamas by Kathy Selden September 26, 2011
Related Words

When the cat's away, the mice play golf.

Blake: Hey, you want to play golf this weekend?

Smedley: Yes. My wife is out of town. When the cat's away, the mice play golf.
A person with a face like a cat's bum; a sour-faced person.
Don't worry about Sheila's scornful response, she's just a catsbum.
catsbum by Freddie Frackshat July 6, 2010

cat's cunt 

Another classic term for something that there is nothing better than. Bee's knees is the more commonly known synonym.
"I like your slacks."

"Yeah dude they're the cat's cunt!"
cat's cunt by Cuntdy June 24, 2008

to be the cat's whiskers 

To be the center of the universe. To believe you are the only one, unique, extraordinary, etc
to be the cat's whiskers: We were the cat's whiskers. We used to go out in my breezer and get into all kinds of bushwa.
(Also see Pussy, Wimp, Chicken)
Plural: Catskies
A catski(sometimes cat) is a person who runs away due to weakness or lack of bravery. A catski usually lets the team down and/or doesn't have any idea what fun means.
When a Catski has been spotted, it is recommended that the person is stoned to death.
To "cat it" means to commit an act of Catism.
Awww, Firefly is a Cating it! Start stoning the Catski boys!
Catski by Timmy  September 11, 2005