The thrid greatest substance in existance, the other two in order being frog king and frog king with awesome sauce. This phrase represents an extremly rare event or occurance that is awesome beyond all ability to measure to the point that it should never be forgotten and a memorial built in it's honor. An event so epic that only frog king could make it better, especially when combined with the awesome sauce.
It is rumored that the atomic bombs used on Hiroshima and Nagasaki used Awesome Sauce, when they exploded the release of so much awesome is what destroyed both cities and the residual awesomness is still having an effect on the nation today. Another rumor states that every god in existance obtained their power by consuming awesome sauce, the reason they were worshiped, but over time the power of the sauce wore off and the religion quickly fell apart shortly after. It is beleived that when one partakes of awesome sauce, they can impregnate a thousand virgins through nothing more than looking at them, a power rumored to be posessed by many rock and metal artists.
In recent years though individuals who are short-sighted have begun to use awesome sauce to describe event in their lives that either A) nobody cares about but them or B) are no more awesome than mindblowing in nature, a level that is several tiers below that of awesome sauce, and therefore undeserving of the title.
Woodstock 1977 was awesome sauce
Ozzfest is awesome sauce
Least I Could Do is made from awesome sauce