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Excerpt from the Urban Dictionary:

miggity - to proclaim the absurditiy of a situations circumstance or express disdain for some idiot's unintentionally comical and ignorant statement. Usually used after an interjection of some sort.

Ex: After Eric missed the easy layup with the greatest of magnitude, Kevin threw his arms in the air and yelled, "oh miggity!".

Ex: Eric's statement about being good at Halo recieved a big "oh miggity" from the group.

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