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1.
Basecakes is a substitution for the word basically. It spurs from the shortened version of basically, "base." However, someone thought it would be cool to add the word "cakes" after it.
Person 1: "So she dumped you for no reason?"
Person 2: "Basecakes."
Person 1: "What the hell is a basecake?"
Person 2: "A cake of the base."
by Aioazech June 14, 2009
 
2.
Basecakes is used as a substitute for the word "basically".
"Basecakes, my mom is really lame"

"Basecakes, all you have to do is this..."
by Spencer Hall February 22, 2008