When something is past the point of simply "ridiculous" but does not quite merit being referred to as "rigoddamndiculous"
Also this word can be used as a less-profane way to say something is "rigoddamndiculous" for those who are concerned with avoiding blasphemy but still want to define something as being safely beyond simply "ridiculous."
Student 1: Dude, how's your workload this semester?
Student 2: I have 21 credit hours and a 20-hour-a-week job.
Student 1: Woah, that's rididdledamndiculous.
A Shackteau is a humble, weather-beaten, structurally questionable shelter located in a spectacular or highly coveted place—Wales, Jackson Hole, Sun Valley, Crested Butte, coastal Maine, the Alps—where the building itself may be worth almost nothing, but the dirt, view, access, and mythology make it absurdly valuable.
In use:
Shackteâu - We thought it was an abandoned shed until the realtor called it a rare alpine Shackteâu with unobstructed views and listed it for $2 million.