typically applied to online first person shooter multiplayer video games when an occurance during the game doesn't coincide with one of the players interest due to any number of reasons.
losing player could say: "That last game was wacktacular! The connection to the server was slow and my whole team was noobs."
(noun)-To kill 4 or more people with a Plasma Sword in Halo 2 in rapid succession, can also be accomplished with a Brute Shot or any other weapon, but it is much more difficult.
Performing a whacktacular proves you are a top of the line player
Holy hell, I just overboarded every single one of those bitches with my sword, what a whacktacular!
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.