Bobby Barreto made this word up on August 16, 2004. A "cheap chiller" are those pants that cowboys wear that don't have a front or back to them (they are usually black leather). People usually wear them on top of blue jeans.
A guy walks into a Hardees, and he's wearing "cheap chillers" so you would normally say "Wow! Look at those ugly pants that guy is wearing!" but now you can say instead "Hey! Look at those "cheap chillers" that guy is wearing!"
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