It can mean anything, depending on the situation. When a person is already rather drunk, we can say, “da on uzhe horoshi”. That’s the most widely spread meaning I can think of (at least, in our part of Ukraine. Ot it can mean something negative, for example, to describe somebody being impudent. In such a case we can also say, “nu ti blin horoshi” (but don’t forget the suitable intonation of wounded dignity, otherwise nobody will understand it properly).
All in all, these are only few of many possible variants. To tell something exact, I need the context.