Popularized by american high schoolers of the early to mid 90s. This term was and is still used to show contrasts between something being just OK and awesome. The phrase is often used to describe a person, place, event or thing. For example,
sliding your dick up into a real tight bitch's pussy.
having your bitch slide down on your dick and its real fuckin tight.
"Yo Dan V. I just slipped up in something real fuckin tight last night son"
"Yo have you heard about Dan V. in Brazil? He slipped up in something real fuckin tight"