This term is most used when someone is peaking in their fabulosity. This term is only used by fabulouspeople. To elevate the meaning of this phrase, it's possible to add the word "saturated" before fabulosity which means that a person is basking in a concentrated form of fabulosity which is more fabulous than regular fabulousity.
Ex 1.
-"I went to the mall today and got the CUTEST Louis Vuitton purse to match my shoes!"
-"OMG you are totally basking in fabulosity right now"
Ex 2.
-"OMG I just got a new Bentley! It's so shiny!"
-"I wanna ride in it! You must be basking in saturated fabulosity right now!"
A party so epic that absolutely no one can describe it other than using terms such as "you had to be there", "you wouldn't believe me if I told you" or "it was likesomething right out of a movie".
- So he STOLE the taxi while the driver was downstairs playing beruit?!!
- YEAH!!! Then dropped the keys in his pocket and said, "you left it running chief".... That whole night was just one fabuloosoishis extravaganza!