When something both sucks and blows; when "fantastic" just can't be said ironically enough; when you're tired of saying, "That's just fucking great"; when you're tired of people saying you're too pessimistic for saying everything's crap so you pep things up with something that at least sounds more optimistic
Some person you dislike gets something you think you deserve: "That's craptastic!"
Or: "Have you seen the new reality TV show? Man, it's totally craptastic!"
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