Abbreviation for “Anal Commando;” A title given to a person (typically a male) in an authoritative position who abuses his (or her) power. Said person is typically overzealous and uptight (anal).

An incompetent Air force band member who bumbles through his extravagantly banal life trying to impress people who clearly don’t want his attention.

Ace is a word to describe someone or something that is considered 'very cool'

Ace is also used as a term of sexuality (Asexual)

Ace can be a nickname or name

Ace can also be your partner (girlfriend, boyfriend, etc)

Ace is also a card from card games, the main situation where Ace is used is to describe just the number "1" on a card,
(e.g, an ace of spades)

aced ( past tense ) - got 100% on smth

someone who is really close to you.
someone you can relate to.
someone that you can easily talk to.
someone who listens.
someone who really care for you.
someone who share the same interests.

To be boss at somethin; To be extremely good with/at.

To destroy an enemy team in an online game.

Specifically, the entire team on your own.

For lesser degrees of victory, see: owned pwned