The greatest compliment one can be granted within the collegiate years. Given for doing something totally bad ass that's synonymous with fraternity culture.
Dude you just shotguned 2 beers after a 30 second keg stand? That's so frat!
Bro those Sperry's match that Hawaiian so well. That's so frat!
Cargo shorts instead of khakis? Dude that's not frat.