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When a person is just too dang cool.
Commonly you will see these folks(generally male) wearing hats crooked/cursing in front of women and children/wearing wristbands/covering their mouths when they laugh/starting fights/usually think they are very good at something in which they have no business participating in/Driving very fast with wrist steering the vehicle.


Famous Coolballers- The entire cast of The Fast and the Furious
"Wow, look out for old coolball, he appears to be looking for trouble."
by Coolball McGraw January 18, 2009
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2
An alternative to 'good' or 'cool'.

Used in a response to a question or a just a general comment
1) Question: "What do you think of my new guitar?"
Response: "Cool Balls!"

2) "Cool Balls...I've just won twenty quid"
by Ryan Carter October 10, 2007
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