Meaning that something is sweet and cool or nice at the same time. It's like getting a free lunch. Usually used as a response and token of appreciation.
Can be used as a verb: Sweetcaking, having about the same meaning as chilling. Taking it easy.
Etymology:
It doesn't make sense for the native speaker, but it's somewhat influenced by me and my swedish friends native language.
-"You know what, she actually asked for you cell-number?"
-"Oh, sweetcakes!"
-"Look here in the manual, it describes how you configure it."
-"Ah, sweetcakes."
"-Man, I was sweetcaking all day long so I missed the show."
-"What about hang around today, just sweetcaking...?"
It is said of the situation where a person has the bad luck to make contact with his testicles against an undefined surface or object, intentioned or not.
Given the nature of the word, it is more appropriate to design cases where the interaction is made with a moving object, for example, a ball.
Although it is extremely painful for the victim, it tends to be considerably funny to people who witness it.
Today in the baseball game the pitcher took a nutshot; the baseball hit him in the nuts.
Man, I just watched the funniest nutshot video ever.