Wiktionary
vb. 1 (context idiomatic US English) To be especially good or outstanding. 2 (context idiomatic US English) To be particularly bad, objectionable, or egregious.
WordNet
v. rank first; used often in a negative context; "He takes the cake for chutzpah!"
Wikipedia
Take the Cake was a live, interactive game show on BET. The one-hour program featured interactive games where the viewers could win cash prizes. The show aired from 12 midnight - 1 a.m. Eastern every Monday night through Friday night. The program was produced by Endemol, who produced Midnight Money Madness for TBS in 2006.
The show aired its finale on November 2, airing a total of 85 live shows.
The jocular phrase "take the cake" means "win the prize".
Usage examples of "take the cake".
The oven was still on in the kitchen but at least someone had thought to take the cake out.
Of all the people in the world who have miserable lives - and, as I'm sure you know, there are quite a few - the Baudelaire youngsters take the cake, a phrase which here means that more horrible things have happened to them than just about anybody.
And she was surprised that she was, for it was only just before going to sleep last night that she had decided she must take the cake to Mr.
Unfortunates such as Martha Tabran would gratefully take the cake and then take to the streets.
And then you became my daughter's father--if that doesn't take the cake.