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Meaning really cray cray, or CRRRAZY with three R's. It is a positive or negative word, can be to tell someone how funny they are or anything of that genre. Positive contexts also include emotions such as shock, excitment or "WOW". Although it can be used in negative context, it is typically used in a positve one.
Positive: Girrllll you FACRAYSKI!

Negative: Why is Stewart so Facraski, I just wish he would stop shaking so much so I could understand the words coming out of his mouth!

Positive: Girl did you see that show last night? It was off da facrayski!
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