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1.
Something that is so awesome you have to resort to this word to explain it's awesomeness. Like awesomesauce except way better. Term coined by livelifeloud on YouTube.
John: Dude! I just got the new 250GB Xbox and 4 games with it for only $300!

Adam: BALLASAUCE!
by [livelifeloud] January 12, 2011