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nerpy
Good, cool, ingenious, desirable (a fairly broad term). As an exclamation in response to something new and interesting. This was in reasonably widespread use at my school, Scotch College, in Perth in the early 1980s, but I don't know if it was in general use at the time: 'Check out my new x'. 'Hey, nerpy!'
Contributor's comments: A variation on this from the early 80s in Bronte / Bondi, was to "get the Nerps". The Nerps were the dribbling of salt-water from nostrils during the morning as sufferred by blokes/girls who went for an early (an early morning surf) before heading up to school. cheers, SB (co-dramatist "He died with a felafel in his hand")