To describe something or a situation that is classic and/or priceless, like the ability of gold to stand the test of time and hold value. The term can be used to describe some epic adventure, great conquest,or just as a sarcastic remark to someone to patronize them.
dude: I slammed that hot redhead from the bar last nite.
When you have to pee in a movie but don’t want to miss anything, and must do the following mental equation: will the amount I have to pee cause enough discomfort to diminish my attention capacity for the remainder of the movie to an extent which is greater than the amount of the movie I would miss by making a mad dash to the restroom.
I saw Satantango last night, wonderful film but by the 5th hour I had to start doing pee calculus.
Short-hand for the word floccinaucinihilipilification, meaning the estimation of something as valueless (encountered mainly as an example of one of the longest words in the English language).