1) An absolutely disgusting object or situation.
2) A filthy rectum. Not always deemed as such by observation of said rectum, but by general knowledge of a certain person's general hygiene.
3) A type of hotsauce.
1) Dude, that Wendy's we went to last night was Rauncho Asshole.
2) Get your Rauncho Asshole off my property, you filthy hippy!
3) Dude, my burger needs some Rauncho Asshole.