Used to describe something incredebly awsome.
Other guy: AWSOME SAUCE!
The term 'Awsomesauce' is only to be used on things that are -extremely- awsome beyond all otherwords (read: not just awsum or awshumm).
The incorrect use of this word automatically labels you as a square, resulting in public redicule of your person and a destroyed sense of pride.
A commonly used antonym of this word is the effective lamesauce.