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1.
In a public washroom when you are taking a shit and you begin a conversation with the person in the stall next to you.
Slightly Gay Friend: Wanna palace?

You: Hell ya

Slightly Gay Friend: So what's your favorite movie? (whilst palacing)
by Matt Evening April 24, 2009
 
2.
great, awesome, see also wizard
man, that's so palace!
by bonker January 08, 2004
 
3.
An object that that when refered to, is in fact, a palace.
That is a palace.
by hiryuu February 16, 2004