a combination of the words good and bad when no present adjective substitution is available. This can be used in many cases as listed in the examples below.
Example 1:
boyfriend: Tell me something gad
girlfriend: you are bigger than all of your friends(guys)
Example 2:
Rob:Man, Jersey Shore is so gad.
Bob:I mean it's entertaining, but these people will become washed up and have no mental power
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