When someone or something is moving far faster or far more stylishly than reasonably expected. Usually used when describing Super Smash Broscharacter movement.
A fluid or gelatinous solid, usually thick and oozing as it seeps out of something that wasn't broke, but is about to get fixed anyway. May also refer to an electronical device which has decided to let the smoke out. Popularized by youtube personality AvE of bum fuck nowhere, Kanuckistan.