To make a quick exclamation of joy and or shock. Generally a more laid back and sociable comment that derived from the early modern teens. Sister slang to "swell"
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.