Funktabulous is an exclamation of joy, much like funktastic, only on a higher plane...
<Being told a tale of great joy>
"that's funktabulous!"
<Listening to an amazing song>
"This song rocks like a quarry! It's funktabulous!"
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That is when someone's breath is harsh and/or B.O. makes you cry.
That boy tried to talk to me and his breath was funktabulous!
That nigga at the party, his breath and his arm pits was funktabulous.