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1.
A situation or thing favorable to those involved.
Guy 1: He just beefed you, bandana match that shit.
Guy 2: Bandana matches are illers magillers guy.
by P-Omes May 11, 2004
 
2.
Used to describe a situation which is favourable or desirable. Variations include sickers magickers and coolers magoolers.
Person1: Peters is on duty tonight, thats illers magillers.
Person2: No he's not.
Person1: That's a joke magoke, i'm gonna tweak mageak.
by mayer guy May 10, 2004