The act of knocking someone out with one punch. Originated in the boxing circuits but went mainstream in late 2011. Used now to describe what you will do to someone in everyday encounters not just the boxing ring.
Person 1 being a total ass
Person 2 "You better shut up before you get perdued"
The act of being knocked out with one punch and ending up face first on the concrete. Usually tell who has been chilcoted by large scabs on face where contact first happened with the ground after a knock out punch.
"Oh man, wtf is wrong with your face. Did you get chilcoted"
"I almost got chilcoted by that beast of a man over there for being a pansy"