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Definitions by Old Mose Kick-a-Rock

poonsauce 

Adjective

Describes something that is completely friggin sweet.
Equal to slick, sweet, tight, etc.

Puts the item being described on par with the mighty vageen.
Hey Apu, this new beef-jerky is the poonsauce.
-or-
I can't wait to get to the beach, its going to be the poonsauce.