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Extremely good thing, best outcome possible, a higher level of 'cool'. Comes from onion rings. When the onion rips and you get equall parts breading and onion, as opposed to when the onion does not rip, and smacks you in the face and burns.
Bob: Hey, Jim, that concert was excellent!
Jim: Yeah, it did totally rip the onion.

-also-

Guy: I just won $2 million in the lotto. That so rips the onion!!
by mister404 September 26, 2006
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