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1.
"awesome" or "gnarly"
"dude i jumped a 50 foot gap today!" "SWEET ACE!"
by Shacoya May 21, 2005
 
2.
Synonymous with "bad ass" or "sweet ass." Generally speaking, and adjective describing something awesome.
Damn man, those are some sweet ace rims on yo impala.
by Sweet Ace February 21, 2004