Pretty self explanatory, means exactly what it says. It's like saying life is good, but much more gansta and dangerously hardcore. All the cool kids are saying it.
I'm goin out tonight dawg, life is hood!
Life is hood man, thingsgot crazy in da club tonight!
Boys who enjoy yaoi (a genre in Japan that contains sexual and/or romantic relations between two men); literally translates to "rotten boy"; corresponding female : fujoshi