Usage: often capitalized
Etymology: German, from Schaden damage + Freude joy
As in, the emotion you are feeling RIGHT NOW after learning that the UT Men's Basketball team was just UPSET by Vanderbilt, 72-69. We all know it was just a day after being ranked #1 in a few national polls...
(and just three days after beating our previously ranked #1 Tigers!)
Another phrase with a meaning similar to Schadenfreude is Delectatio Morosa (Latin), meaning "the habit of dwelling with enjoyment on evil thoughts".
The national media can have a field day with this one--one team from East Tennessee beats a team from West Tennessee only to lose to a team from Middle Tennessee a couple days later.
All I know is I am having a serious case of SCHADENFREUDE right about NOW!
*insert Nelson's HA HA! laugh here*