the jam

Used to describe anything that is awesome.

Used similarly to "it's the shit."

"Hey have you checked out that new mexican restaurant?"

"Yeah, man, it's the jam!"

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minstant

A minstant is a time frame between a few seconds and a minute.

It is a combination between the words "minute" and "instant."

"I've got to drop off a check, I'll be back in a minstant."