It means the same thing as the conventional term, but when said in this manner, it is used as a reference to Family Guy: The Movie when Stewie's future self accidentally burns down his apartment with his stress-reducing candles.
(Fireman 1): Hey, did you hear how that guy burned down his apartment? Stress-reducing candles!
(Fireman 2): Ha-ha! I-rony!
(College Student 1): Dude, I stayed up all night getting that paper done, then I wound up sleeping through class.
(College Student 2): I-rony!
(Roommate 1): Hey, I picked up some dinner. What movie do you wanna watch?
(Roommate 2): I was thinking Super Size Me. What food did you get?
(Roommate 1): Uh, I picked up some Mickey Dee's. I was gonna eat while we watched. I got stuff to do.
(Roommate 2): I-rony!
(Fireman 2): Ha-ha! I-rony!
(College Student 1): Dude, I stayed up all night getting that paper done, then I wound up sleeping through class.
(College Student 2): I-rony!
(Roommate 1): Hey, I picked up some dinner. What movie do you wanna watch?
(Roommate 2): I was thinking Super Size Me. What food did you get?
(Roommate 1): Uh, I picked up some Mickey Dee's. I was gonna eat while we watched. I got stuff to do.
(Roommate 2): I-rony!
by Lock Down April 12, 2008