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A combination of the words 'ill' meaning excessivly cool, and awful, which is pretty self explanatory.
Ex 1 -
Andrew: Did you hear about the woman that used her 4 week old son as a weapon to bludgeon her boyfriend?

Cam: That's illful.

Ex 2 -
Bearning is an illful practice.
by Illustrious C March 07, 2007
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