Referering to a person whom is quite far from the definition of cool. Praising one's awesomeness in a mocking/sarcastic way. Refering to the jaguar (being the coolest of all cool cats)
It means something that is ate-up, rodney-assed, bugen, white-trash, or otherwise lacking in decorum, taste or standards of any kind.
When the space shuttle Columbia crashed in the town of Nacodoches, Fox News must not have had a map handy, because they spelled it Nagadocious. When I said it to myself it sound like a word to describe something unsavory. Later my freinds and I decided on it full usage and implementation within the English lexicon.