Meaning that something is sweet and cool or nice at the same time. It's like getting a free lunch. Usually used as a response and token of appreciation.

Can be used as a verb: Sweetcaking, having about the same meaning as chilling. Taking it easy.

Etymology:

It doesn't make sense for the native speaker, but it's somewhat influenced by me and my swedish friends native language.
-"You know what, she actually asked for you cell-number?"
-"Oh, sweetcakes!"

-"Look here in the manual, it describes how you configure it."
-"Ah, sweetcakes."

"-Man, I was sweetcaking all day long so I missed the show."

-"What about hang around today, just sweetcaking...?"
by TheNihilist December 12, 2009
Get the Sweetcakes mug.
n. the female counterpart of "beefcake" where the instance is overflowing with feminine allure and sexiness.
The Victoria Secret Fashion Show was pure, honest-to-goodness, bib-worthy sweetcake.
by Dr. Colon Feral December 1, 2010
Get the Sweetcake mug.