a word used to describe how awesome something is, both in a sarcastic and serious manner, depending on what the context of what your statement is.
serious version:
Ryan: Dude i just got layed!
Tim: Fanfuckingtastic bro, about time you got some ass!
Sarcastic version:
Smith: i just got your promotion Jill!
Jill: well isn't that just Fanfuckingtastic?
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