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Either means, wow thats pretty cool. or damn good job!! Or sarcastic like, wow ur a fag i can't believe you did/said that...
1: im going to go buy my costume for the star wars premier.
2:niice {sarcastic}
1: dude i just got laid!
2: niice!!!
by {RachY} May 18, 2005
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Means acknowledgement to what is sometimes, but not neccessarily always, something dumb/stupid.
(In between 'nice' (said quickly), meaning good, and 'niiiiiice' (stretched out), meaning something really good.)
In 'niice' the double 'ii' is stressed.
Person1: OMG, I just spilled water on my keyboard!!
Person2: Niice.

Person1: Dude! I just beat this one guy at pool and I've never played before!!
Person2: Niice.
by Kirby92 April 16, 2008
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way nicer that nice. it's niice, pronounced by elongating the "i" sound so that it almost sounds like nahhs.
Example 1:
Person 1: Dude I'm so highhhhh.....
Person 2: Niice!

Example 2:
Person 1: Bro I just found 20 bucks on the ground.
Person 2: That's fucking niice!
by edolboy October 12, 2009
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