Meaning that something is cool, awesome, sweet, fantastic. The equivalent of saying that something is "the shit". Not to be comfused with Fergilicious.
Dude: Do you want to go to the concert in that old warehouse?
Girl: Yeah, it's going to be sketchilicious!
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 $2million.