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Something so terrible yet awesome at the same time.
Usually said in connection to doing something illegal yet, that person somehow getting away with it.
It also can be referring to "so bad it's good" or the indecisiveness between something being so awful or awesome.
Similar to "wicked" and "bad."
"I did donuts in my former boss's yard tearing his shit up. That shit was so nasty-bad. He never found out it was me."
"Dude, that video of that speeding biker evading the police helicopters was so nasty-bad. How did they NOT catch him?"
Malefic. She got nasty-bad vengeance on the coworkers and supervisors that unfairly got her fired from her last job. No idea how she did it.
Jim Carrey's haircut in Ace Ventura is so nasty-bad. I can't tell if it's really awful or really awesome.