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This term is used to connote positivity, or negativity with a particular situation, or object.

On its own, the term is good. But, mix up your words a bit, and you can flip it around to make it seem bad.
"Dude I crashed into a manure truck the other day."
"I'm not surprised, your driving isn't exactly award winning."

"That Klipspringer is an award winning son of a bitch."

"Dude, Terry is so rico suave with the ladies, it's award winning."
by Raney November 19, 2004
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