[Disclaimer: Contains humour. You have been warned, therefore nothing is my fault. k?

]
Alive - Temporarily metabolically abled.
Bald - Follicularly challenged.
Blind - Photonically non-receptive.
Body odor - Nondiscretionary fragrance.
Cheating - Academic dishonesty.
Clumsy - Uniquely coordinated.
Cowardly - Challenge challenged.
Cowboys - Bovine control officers.
Dead - Living impaired.
Fail - Achieve a deficiency.
Having PMS - Cyclically challenged.
Ignorant - Factually unencumbered.
Lazy - Motivationally dispossessed.
Loser - Uniquely fortuned individual on an alternative career path.
Old - Chronologically gifted.
Really Big Nosed - Nasally disadvantaged.
Unemployed - Involuntarily leisured.
Worst - Least best.
Wrong - Differently logical.
And my personal favourite..
Ugly - Facially challenged.
Have you been taking notes? :D