Person 1: I got my penis stuck in the gutter.
Person 2: What the... How?
Person 1: I fell down. While I was biking. With no clothes on.
Person 2: What the f*ck... wowwwww... how failtastic.
Contrary to what the stereotype would be, it means "awesome/incredibly cool." The opposite of the Hilary Duff ad campaign. Instead of getting rid of saying "that's gay," let's just make it a good thing. Yay equality!