An interesting, kid-friendly way to say something is "cool" or "neat." If one were to use this expression in front of one's friends (especially if one was male), one would probably be called a fag, gay, or queer, although I might not agree with them.
Bill: Wow that car was tripped out
Bob: Yeah, it was neato torpedo!
Bill: Fag!
by Diana Stephens May 23, 2005
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