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As a noun, interchangeable with (and cleaner than) "bullshit," "no f---ing way," et cetera. As an adjective, describes something exhibiting the aforementioned qualities to a ridiculous degree, often to the point of being borderline fantasy. Comes from a particular individual's inability to state true facts without the aid of a book.
As a noun:
"We understand the concept of Hitler being cryogenically frozen at the end of World War II, in order to preserve his brain for future research."
"I call delto."

As an adjective:
"What? Al Gore was president? Man, that is delto."
by Horse Brigadier February 23, 2008
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