Originally an adjective derived from the John Travolta Character of the same name. Used to say something is cool or awesome. Also used as a verb, noun or proper noun. Can be used sarcastically. Can be shortened to "Chili P" "C-Palm" "Chilay Palmero" or simply 'CP".
"Boy that guy sure looks like a Chili Palmer!"
"Hey, look at Chili Palmer over there!"
"Let's go Chili Palmer it up around the corner."