Fetching details from the dictionary...
dangerous; risky
awful; terrible; crap
terrific; amazing; cool
crazy; insane; not normal; unhinged; extreme
これはやばい状況だ。
This is a dangerous situation.
この曲やばいくらい好き。
I like this song insanely much.
やばい、電車に遅れそう。
Oh no, I might miss the train.