Merriam-Webster online defines it as follows:
Main Entry: scha·den·freu·de
Pronunciation: 'shä-d&n-"froi-d& (In Japanese:シャデンフロイデ)
Usage: often capitalized
Etymology: German, from Schaden damage + Freude joy
: enjoyment obtained from the troubles of others
This is how Leafs fans will feel today when our competitors are crushed by the other teams, thus increasing our chances of entering the playoffs.
I came across this term while reading a blog entry by Mark Evanier and it sums up the mood of the Leafs these days.
Here's a bit of dialogue of the Simpsons as pulled from the Wiki entry
on "When Flanders Failed." Lisa accuses Homer of feeling Schadenfreude when Homer gloats about Ned Flanders being on the verge of bankruptcy. Lisa asks Homer, "Dad, do you know what Schadenfreude is?", to which Homer replies in a sarcastic tone, "No, I do not know what Schadenfreude is. Please tell me because I'm dying to know." Lisa then explains "It's a German word for shameful joy, taking pleasure in the suffering of others." Homer responds with "Oh, come on, Lisa. I'm just glad to see him fall flat on his butt! He's usually all happy and comfortable, and surrounded by loved ones, and it makes me feel...what's the opposite of that shameful joy thing of yours? -Sour grapes. "Boy, those Germans have a word for everything."
Not to be outdone by Lisa, I took it upon myself to compose a song, sung to the tune of "Edelweiss" (エーデルワイス):
Every morning you taunt me
Smug and right, lean and bright
You look happy to tease me
Envy of all, may you shrink and die
Shrivel and die forever
May your ails last forever!
And finally, In Japanese, the phrase 他人の不幸は蜜の味, (tanin no fukou wa mitsu no aji), translates literally as "others' misfortunes are the taste of honey".