moonshot

adj. Describing a thing, person, etc, that is ridiculous/lame, but awesome/enjoyable at the same time. In other words, something that's so bad, it's actually good. It usually applies to something that is genuinely trying to be good, yet is ridiculously bad. So bad that it's enjoyable. While the appreciation for the quality of a certain thing is subjective, it must be universally enjoyed for its ridiculous/lame aspects to be considered moonshot.

Showgirls (the movie) is totally moonshot.
Sanjaya Malakar from American Idol gave a moonshot performance.

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