Generally if something is 'Oblizzerating' it's cool or amazing.
Dude 1: Check this fookin' blizzard man!
Dude 2: Woah man thats oblizzerating!
Dude 1: Woah man the epic scene in Star Wars Episode 3 is Oblizzerating!
Dude 2: Yeah it is oblizzerating but the movies wack on the whole OBL!