A "taking the piss" form of crazy. Someone who thinks they are "crazy" or "wild" or whatever, you just put KrAyZeE before their name...
Katie: I'm really wild, you wouldn't understand, you're just too normal!
Lar: Yep, you're KrAyZeE KaTiE alright...
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a very unique word used by Demetri Martin in his ComedyCenteral special. It means crazy and awesome put together.
Pillow Fights:
man vs woman=FUN
man vs man=GAY
woman vs woman=AWESOME
pillow vs pillow= KRAYZEE-AWESUM