1. The term is derived from the phrase "Netflix and Chill". A combination of Taco Bell and sex, stated as an innuendo, the term is popular with people in college as both Taco Bell and sex are popular within these groups
2. A term used to reference a combination of the two best things one can think of.
"Becky and I Taco Bell and Chilled last night... It was totally lit!" -Saqib
Ruler of Lake Titicaca. Rumored to have a bunghole that gets very angry if it does not receive toilet paper. Cornholio the Great is often seen walking around with his shirt over his head and his hands in the air, chanting songs about his power, and his bunghole.
"I am Cornholio! You do not want to face the wrath of my bunghole, for I need TP!"
Butthead: Shut up, Beavis! (uh huh huh huh)
Beavis: Um, okay. (heh heh heh heh).
Boys who enjoy yaoi (a genre in Japan that contains sexual and/or romantic relations between two men); literally translates to "rotten boy"; corresponding female : fujoshi