Based - The art of being that one retarded dude, on purpose.

So there is an interview with Lil-B,hes developing his own following these days. Apparently he has managed to turn something negative into a positive and its all the new thing. And just like skinny jeans, its taking over. Basically, the "BASED" style is to blindly and sometimes incoherently rhyme, not actually conscious of ones thinking and words. Some shit like that, just have an open mind i guess.