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An old but cool way of calling something awesome. The term was used a lot in the mid to late 90s.

It has completely dissappeared from the Slang radar after September 11th, 2001 because no one wanted to be suspected of terrorism for using it.
Dude 1: Hey man cool party right

Dude 2; Yeah its da bomb!

Post 9/11

Dude 1: This party is da bomb!

Dude 2: Ah! Terrorist!
Da bomb by t786 December 28, 2009
Person yo-yo is da bomb!
da bomb by person yo-yo August 2, 2003
A really stupid way of saying something's awesome...I mean how old is it now??
Dude: Wooow! That wuz da bomb!
Guy: Dude, thats old...shut up.
Da Bomb by Sooey May 26, 2004
A crude yet effective word describing an excellent event or item
da bomb by topics June 28, 2003
Used as an interjection to convey emotion of excitement of the speaker, which usually has no
grammatical connection to the rest of the sentence and simply demonstrate the explosive feeling
of a particular experience.
Freddy:Yo! Jackson did you see that game last night?

Jackson: Forcheezy! That last shot Jordan made at the buzzer was Da Bomb son!
DA BOMB by Gen.ToRn January 10, 2008

Da Bomb! 

The most powerful weapon used to defeat every enemy, including self, and everything in Battlezone II.
<Reckless_Erik> oh shit, da bomb!
<Reckless_Erik> WHO DID THAT?
Da Bomb! by <AMS>SILVER October 3, 2008