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2 definitions by Mp5 dude!

 
1.
Where something is completely and utterly awesome (originates from Peter Jackson's Chilli Sauce obsession in bo selecta)
Generic Person #5762897: "Dude, I got us tickets to Iron Maiden!"
Genric Person #4298689754676: "Mate, that's Chilli Sauce!"

Generic Person #98896176: "So, heard you made out with that hot chick the other day"
Generic Person #2658738: "Yeah, it was Chilli Sauce!"
by Mp5 dude! January 14, 2008
 
2.
Can be pretty much anything. From squirting sauce (the orginal use) to playing an awesome prank on someone.
Some guy(probably tubb): "Hey! You tripped me!"
Doug: "Mate, you just got sauced!"
by Mp5 dude! January 14, 2008