from canada it is the most crisp, delicious beer known to man-kind. It can also be used to describe the awesome level of something..see example below.
"Oh man that party lastnight was so Labatt blue!"
Another term for hangover that references a popular Canadian Beer called Labatt's Blue.
Dave: Looks like Joe called in sick today?
James: Another case of the Labatt Blue Flu?
Dave: Seems that way.