Noun. Always used towards someone else or yourself. It is the hypothetical act of lubing someones ass (or your own) and giving it to them royaly (but not in a sexual way). This word is usualy expressed when you want to get back at someone for doing something bad to you 8or just for the fuck of it), or when you make a big mistake in whichcase it is braught upon yourself.
Cliff got the grease for comming in late today. He wound up having to clean the bathrooms.
I just got the grease, my mother caught me waxing my carrot in the shower.
I just gave myself the grease, while fucking my girl in the butt, i yelled out her mothers name, and now she wont speak to me anymore.