a thing, person, or place that is considered neat or fun
Wow, did you see my neato burrito watch
by whit da spit March 5, 2004
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well known phrase used in the movie Anchorman when Ron is celebrating a good news broadcast. commonly used as an expression of extreme joy when trying to refrain from vulgar language.
Ron: Neato gang! super duper!

guy1: dude, we just won the lottery.
guy2: Neato gang!
by iluvmybuns11 June 19, 2006
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A phrase used to describe things that are completely and totally awesome.
by Casey Moe October 25, 2008
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An interesting, kid-friendly way to say something is "cool" or "neat." If one were to use this expression in front of one's friends (especially if one was male), one would probably be called a fag, gay, or queer, although I might not agree with them.
Bill: Wow that car was tripped out
Bob: Yeah, it was neato torpedo!
Bill: Fag!
by Diana Stephens May 23, 2005
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A phrase that very few slightly old fashioned "nerdy" people use to simply say "Oh, neat!".

Or...
A phrase used by losers when something is unusually cool.
Emily: Hey Brian, do you want to ride to Burgerville later with me and meet some friends?
Brian: Sure, that sounds great!
Emily: Okay :)
Brian: Neato bandito! See you then.
by chicamisteriosa14 November 4, 2010
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Neato- an extremely awesome situation that needs to be capitalized by an exclamatory phrase. In place of "super cool" or "awesome possum."
Freato-often used after the word neato - to add extra emphasis on the neato-ness of the situation. Neato can be used by itself, but freato cannot.
"I bought you some ice cream, and then we're going to the swimming pool"
"Neato Freato! That's going to be soooo much fun!"
by yomommagoestocollege May 5, 2007
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