A humorous profanity... you wouldn't want to use it with people older than you:)
It is based on very strong a word. Morphology:
х*й - a swear word we consider 'the MAIN swear word of Russian', highly symbolic. Means 'dick'.
"слово из трёх букв" - "3-letter word". Sometimes you see it written on walls, wooden fences etc.
Cf. a joke, told when someone believes a fact written in unreliabel sourse: "на сарае что написано? А там - дрова!" (what is written on the shed? But there is firewood inside!) Imlication is that - firewood-storage shed has firewood inside, instead of a penis - despite a word 'dick' is inscribed on it. But listener Immediately understands which word can be written by mischievous kids on a shed. And yes, Persian word سرای (borrowed to Russian via Turkic languages) is merely a 'shed' in Russian:)))
х*ёвый - (negative) - 'bad'.
ох*еть - (mostly negative) - to lose your mind to get mad (for a moment). Literally 'to become dick-like'.
Angry "Are you mad or what?!" would be "ты что, ох*ел?
ох*ительный - lit. "made to drive people mad"
ох*енный - lit. an irregually formed adjective. By analogy with окно-оконный etc.
1. (positive) so REALLY fucking great that it drives you crazy.
2. (neutral) f...ng big or intense. E.g. a thing "ох*енных размеров" is just insanely large.
ох*енно (positive) - an adverb.
If you want to avoid words that _some_ people never would use in presence of a lady (even though some ladies use them) consider the euphemisms:
хер, херовый (and more rare: охереть, охерительный, охеренный) - a bit softer. Before 1918 'хер' was the name for letter Х. Some people forgot that and think it is a profanity.
хрен, хреновый, охренеть, охренительный, охрененный - softer than previous.
фиг, фиговый, офигеть, офигительный, офигенный - very mild, but just as much informal! Democratic school teachers may use it in presense of kids, to appear more informal:))
Using 'fig'-words you have the same meaning and tone, but you sound less rude.