When put into slang context it means anything that is good, great, extraordinary etc. It usually refers to a notable event. I believe the term was coined by MC Chris in the song "fuckin' up my christmas".
The dingus drops the hydro blunt.
You say: Hey Man! You're fucking up my christmas.
A friend randomly strolls into your place with a keg.
You say: Right on, I love christmas!
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