Being classy is NOT about being stuck up, but more so about having a simply unique style that will never be forgotten. To be classy is to have respect; respect for others, respect for elders and most of all respect for yourself.

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That was very thought provoking and I am clear that being classy is not about the cloths you wear.  It is about your attitude and whether it is an attitude of gratitude.
Being a class act is another kettle of fish.  Being a class act means you are very funny or you stand out from the rest of the minions. 
Saying to someone, "That is classic", similarly means what is being discussed is to be held up.  That it is something that really makes you think or laugh... its classic!
 Pictured above is Pip.  He is a classic.  He was before his treacherous accident and he is the same afterwards.  He has seen and done a lot of things in his somewhat classic life.

Image by Mezza - Pip - Images @ Melonpopzdrops at Flickr