(adjective) inferior quality; held in low social regard; old and delapidated; refers almost exclusively to inanimate material objects, not to people

It’s an acronym standing for Can’t Remember A Fucking Thing. It’s usually used to describe embarrassment at being unable to remember someone (CRAFT moment); going onstage as the lead in the latest theatrical performance and your mind goes completely blank (CRAFT situation); the next morning after a night when you got pissed as a fart and woke up in bed cuddling a traffic cone and a string of fairy lights wound round your prick.

adjective used to describe a person, place or thing which is questionable, fucked up, wrong, strange, broken down, undesirable, and/or just some thing you can't think of another word for. The origin of this work is explained somewhat in the conversation example. Friends and I were sitting around drinking coffee one morning, and I was bitching about my empty cup when my friend blamed the lack of coffee on the "janky ass coffee maker." I have since heard the word in the movie Friday.
Other forms: janked, janked up, janked out,

Poorly constructed or of poor quality

Despicably dishonest incompetent self serving shady bastard of a character, questionable quality, often used in conjunction with "cheap ass piece of shit " of very poor quality. no integrity, useless, not to be trusted. no good

Poorly constructed or put together, and does not seem like it should function at all, although it may perform beyond expectations.

Sorry assed, broke down, or tore up. Shady, or hella foul.
Originally heard when I lived in the East Bay area from the rapper Chunk. Also see janked out.