This is a term mostly used by those involved with Wheel of Fortune. It means fantastic, but the "fan" is changed to "spin", referencing the wheel in the popular game show. Pat Sajak, the host, has said this phrase a few times, which is how it stuck with the audience.
Nickname given to bales of marijuana thrown overboard or out of airplanes. Origin is reportedly from members of the US Coast Guard in the area of Southern Florida.