Sergei, this use of ASS isn't literal - it means "really": I'll be glad when the printer stops - I can't think with that annoying-ass noise! It's the same as "fucking": That's a big-ass dog. That's a big fucking dog. That's a really big dog.

Uly, I agree. But it might be literal. For example, on YouTube some people post videos with 'ass noise' that is with the sounds of farting. And it is irritating or annoying :)

I guess that's one interpretation.