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Literally, a combination of the words 'amazing' and 'max', it is the best and most extreme way of describing the awesomeness of a particular object. The quintessence of cool.
Wayne Brady... opening for Saturday night live... with a mohawk... dancing in front of the entire Patriots cheerleading squad... and giving out free Ipods to everyone? THAT'S AMAXING!!!!!!
Feeling great or astonished with what you did.
Wow Jake that was amaxing what you did on that skateboard!
Person 1 Rose is so Amaxing.
Person 2 You mean Amazing?
Person 1 No, Amaxing
Person 2 what's that?
Person 1 better than amazing, amazing to the max.
Person 1: Did you see that!? That was amazing!
Person 2: I thought it was even better than that! Amaxing!
Combination of the words amazing and relaxing.
"Hey how was your weekend!?"
"OMG it was totally amaxing!"