This word is used in any situation when the action being addressed is thought to be bad, not cool or the person involved is acting shady, ridiculous or stuck-up.
It can also be shortened even more to 'Ash' or one can say that a person who is acting this way can 'Go visit the ASH center' (referring to the student health center at UCLA with the same name)
NIMA: Ashodi I'll give it to you.
MILAD: She totally stood me up
NIMA: She needs to visit the ASH center
MILAD: Lets go watch "ENCHANTED" in the theaters!
NIMA: Ashodi man!