A phrase much like awesome possum and spiffy. Used to express happiness, or agreeability to a situation.
Joe: Oh man, I totally aced that history test.
Mary: Neato Speedo!
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A name meaning talented whore/slut which is used to playfully tease a friend, especially a slightly slutty friend, or someone who also knows what it means.
Mary: You're SUCH a sloat Joan. *laughs*
Joan: Oh, I know! *grins proudly*
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