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1.
To do something that is incredibly stupid, than rely all on luck that that stupid thing works
Anonymous person #1: Did you see Jerry impress the boss with his presentation?

Anonymous person #2: Yea, did you see him ace it?

Anonymous person #1: Yea.... lucky bastard
by Ulupong September 28, 2009
 
2.
To take a shit and not have to wipe
Guy 1: Dude, I think i can ace it

Guy 2: Dude, that would be amazing!!
by Guermo May 01, 2006