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."