Something that is both funny and awesome.
This term originated from the use of the word moist, meaning that something is funny, and from the term "sweet," meaning that something is awesome. If something is both sweet and moist, it can be compared to a brownie (yes, as in the baked good).
"Dude, that slinky is totally brownie!"
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Funny.
The word moist is considered to be amusing to some individuals, so the natural progression of the term became to refer to things that were funny as "moist."
"The Daily Show is so freakin' moist!"
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