A mix of the words "Huge" and "Laces". Originally conceived in a Tim Horton's over a cup of hot chocolate and some doughnuts this word splice has come to mean the flab of skin that dangles from your tricep when you are either A. Waving goodbye or B. Saluting someone of the similar "gelaces" faith.
Whoa, check the gelaces on that old chick, those have gotta be at least 4 inchers.
You totally got that girl's number. WE SALUTE YOU (shake gelaces violently in an oscillating manner).