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Velvevil 

Velvevil is a synonym for the Kraft product Velveeta cheese, generally used by those who recognize its detrimental impact on health but cannot resist the processed cheese food. Velveeta is a shelf-stable block of bright yellow cheese product with a low melting point.

Pronounced Velv/evil, to have a similar sound to Velveeta.
Ted: This dip is fabulous, Brianna! What's in it?
Brianna: Oh, some tomatoes... beans... and (mumbles)
Ted: What?
Brianna: Don't worry about it--just enjoy.

But then... Ted spies the telltale yellow brick package in the kitchen trash. He gasps.

Ted: Brianna! You used Velvevil?!
Brianna: I know I shouldn't have, but...

Ted eats another chip with dip.

Brianna: See? You cannot resist the Velvevil.
Ted: When I'm the hospital with a heart attack, visit me.

Ted proceeds to completely decimate the dip.
Velvevil by Wyntre May 28, 2010
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Velveeta cheese pretty much. Usually what you say to describe what Velveeta cheese looks like after you pretend it's real cheese and try to make dip out of it.
Person1: Dude, lets make some Velveeta dip!
Person2: A'ight.
(3 minutes and 30 seconds later)
Person1: Dude! WTF is that?!
Person2: man that shit is Velevil
Velevil by dpndrgst May 1, 2007
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