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A rascist term harkening back to the annual festival of certain native groups in northern Russia wherein non-native ethicities were rounded up and spanked mercilessly. More recently, the term has been adopted by certain neo-nazi groups in the southwestern portions of the United States.
"Olga gave that new Pakistani at work an Ice Festival. Snaps!"

or

"Did you see Hanz and Franz showing that little chinese guy the Ice Festival? He's definitely going to have the redass tomorrow."
by yoursoninlaw January 12, 2009
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