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1.
1)Something that is quite far from the truth or has just slipped past the truth (like slippy beef)

2)Just beef that is slippy like a bannana skin or something.
"SMOKING CORNED BEEF!!, I just killed the dog!, I knew I shouldn't have fed it caviar!"

*wife walks in*

"Oh sweet mother of beef!, what have you done to Mr Snuffles!?"

*husband thinks of some slippy beef (thinks of a lie)*

"Seriously dear he had a heart attack, I heard him squealing and I came in as fast as I could, but Chuck Norris had already escaped!!"

*wife obviously thinks he's lost the plot*
by Captain Corned Beef April 28, 2008