Status asthmaticus is a life-threatening episode of severe asthma where symptoms are resistant to initial bronchodilator therapy. It is characterized by chest tightness, shortness of breath, cough, and wheezing. Treatment involves aggressive bronchodilator therapy with beta-2 agonists, supplemental oxygen, systemic corticosteroids, and potentially aminophylline for patients not responding to initial treatments. The severity is staged based on blood gas levels, with stages 3-4 requiring intensive care admission and mechanical ventilation.