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Underexaggerate

1. To not exaggerate something that is too epic to be stated as simply as what it is in reality

2. To not exaggerate enough sarcastically (used commonly in fratire )
1. Awesome guy: Maddox is the bomb! \m/
More Awesome guy: Don't underexaggerate man!
Emo guy: I'll cut my wrists

2. Maddox: Celine Dion is an over-paid, over-cafeinated, botoxed bitch incapable of singing to humans.
Another awesome guy: Don't underexaggerate
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underaggerate 

To exaggerate negativly a quantity for the purpose of self promotion.
John : My car does 0-60 in only 5 seconds!
Johns friend : Don't underaggerate its more like 12.
underaggerate by Owen Cox September 8, 2008
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