almost impossible to believe; incredible.
Informal. exceptionally good or unusual; marvelous; superb: a fabulous bargain; a fabulous new house.
told about in fables; purely imaginary: the fabulous exploits of Hercules.
known about only through myths or legends.

1540–50; < Latin fābulōsus, equivalent to fābul(a) fable + -ōsus -ous

fabulously, adverb
fabulousness, noun
unfabulous, adjective
unfabulously, adverb

3. fabled, fictitious, invented, fictional.
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Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
fabulous (ˈfæbjʊləs)
1.  almost unbelievable; astounding; legendary: fabulous wealth
2.  informal extremely good: a fabulous time at the party
3.  of, relating to, or based upon fable: a fabulous beast
[C15: from Latin fābulōsus celebrated in fable, from fābulafable]

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Word Origin & History

early 15c., from L. fabulosus "celebrated in fable," from fabula (see fable). From "mythical," sense of "incredible" first recorded c.1600. Slang shortening fab first recorded 1957; popularized in reference to The Beatles, c.1963.
"Fabulous (often contracted to fab(s)) and fantastic are also in that long list of words which boys and girls use for a time to express high commendation and then get tired of, such as, to go no farther back than the present century, topping, spiffing, ripping, wizard, super, posh, smashing." [Fowler, 1965]
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
There seems to be a profusion of fabulous kids' books these days, including
  many engaging books on scientific topics.
It does a fabulous job on the daily chore of sweeping or vacuuming.
Economics is fabulous and fantastical for postulating its conclusion then
  fabricating statistical validation.
It's of course worth mentioning that any errors there are my own rather than
  those of the fabulous trio of workshop leaders.
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