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1.
1. A derogatory term for a certain type of redhead, specifically one with bright red or orange hair.
2. A term used to refer to a specific action or event which is memorable or hilarious in such a way as to warrant a specific term to refer to it.
3. A word used to imply romantic intent when describing a platonic relationship between a male adult and a female minor or a female who is "barely legal."
Bro: "Yo, I just accidentally told my boss my fake pornstar name."
Cheddarbush: "Classic cheddar!"

Homie: "Hey, check that out!"
Hilarious dude: "Wassup?"
Homie: "That dude is totally 18 and totally driving home that recently-17-year-old! That's totally ched."
Hilarious dude: "Yeah, boi. That's some aged gouda right there."
by Moxy Monroe August 02, 2011
 
2.
Someone who has red pubic hair.
Brian has a cheddar bush!!
by Dell126 February 25, 2011