To say something is hot or on fire. Could generally mean bad-ass. comes from the TV commercial where Kobe Bryant's new line of basketball shoes "Zoom Kobe V" catch on fire. They are said to be so hot, they are on FIRE!
a: "Did you see that fine girl at the bar?" b: "Is she hot?" a: "Like Kobe's new shoes" b: "Daaaaaamn!"
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