1) Something that's so bad it's good.
2) Something that's so good it's bad.
"Dude, Saved By The Bell the College Years is on!! Now that's some good crap!"
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A mild insult, or a way of offending someone without heavily swearing! Mostly used by the southern states of USA.
"crap" alone is often used by the British.
"Gimme a burger, you no-good piece of crap!"