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1.
A phrase meaning something is very cool.

Kool Beanz became very popular after the movie Hot Rod, Staring Andy Samberg, where the Techno remix of Kool Beanz is used.
"I just pwned this nub on Counter Strike"

"Kool Beanz"
by SF Vega June 01, 2009
 
2.
Something that's very rad
"Wow dude, the band Rancid is totally kool beanz"
by dramaqueen14232 February 17, 2006