Based team.
What did you just call me?
Another based team.

Based used to mean to someone really high on drugs like meth and crack, originally derived from the term freebasing. If someone was "based," they were retarded from overuse, kinda like perma-stoned for weed.

Evolution of a meme

Some rapper named Lil B decided that since he got called "based" he would turn it into a positive, so he began calling himself "based god" and somehow it became a hit meme on 4chan.

Thus anything cool, awesome or fantastic is based.