Some annoying term Perez Hilton keeps trying to make happen, by saying it repeatedly, even though it makes no sense, and getting twitter followers to try and make it a trending topic, to make himself more famous for no reason.

a douchey/hollywoody way to say amazing, originated by a Youtube comedy duo named Jessica and Hunter and popularized by blogger Perez Hilton

A phrase used by only people from twats and degenerates who think they're fucking hipsters

(uh-MEYZ bawlz)
adj.
1. incredible, awesome, cool
2. of amazing origin
3. stunned

if something is "Amazeballs" it is amazing! it also means unbelievable.

When something is better than amazing

When you walk into Taco Bell and say "Juan of everything" and the person working there is named Juan