combination of the word "busted" meaning "overly good" (syn. "imba") and the word "nuts" meaning "the best possible thing".
In short, it means something that is of exceptionaly quality.
"Medics are the busted nuts"
"The Uzi is the busted nuts"
"Glare of Subdual is the busted nuts"
"I will bust your nuts"
Fogey/fogy /fougi/ sl. (early 18C+, orig. Scot) old-fashioned, stuck-in-the mud.
Person with old fashioned ideas which he is unwilling to change: Come to the disco and stop being such an old fogey!
You think me an old fogeyand an old tory, his thoughtful voice said. I saw three generations since O’Connel’s time. I remember the famine. Do you know that the orange lodges agitated for repeal of the union twenty years before O’Connel did or before the prelates of your communion denounced him as a demagogue? You fenians forget some things. (James Joyce, Ulysses. Penguin Books,1992. p. 38)