1. The cool license is a fictional (or literal?!) license given to superawesome members of any given social group or subculture.
2. The cool license is a fictional (or literal?!) document issued to prominent or awesome members of society to recognize them as someone undoubtedly cool.
The Down Side: The cool license is also often invoked when someone does something undeniably and painfully geeky; however, in this case it is recognized by the removal of itself.
The Up Side: "For letting me use the bathroom first when half a 24 was sloshing about in your bladder, I present you with your very own cool license."
The Down Side: "You're going out, for halloween, as Sephiroth. Dude, your cool license has been officially revoked."