It is slang,but notice that it is not a very proper expression to use, only informally and with close friends.
It is used to express resentment, dislike or feelings of disgust about something or a siutation.
2011年7月16日
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It can mean that's not good, or be used like "thats not fun". If someone said " I have to take out the garbage" you might reply with "that sucks" because you don't like taking out the garbage and you are relating to the other person.