Contrary to common misconception this infact means very good or amazing. One is often amazed at the amazingness of something when using this phrase.
Guy 1: "I just won a million pounds.."
Guy 2: "zOMG, DAT IS TEH PLAGUE!111! WANNA BE BFFL M8!!?"
Guy 1: "FU bish"
by Madame Bugatti August 26, 2008
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