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1.
"awesome" or "gnarly"
"dude i jumped a 50 foot gap today!" "SWEET ACE!"
von Shacoya 21. Mai 2005
 
2.
Synonymous with "bad ass" or "sweet ass." Generally speaking, and adjective describing something awesome.
Damn man, those are some sweet ace rims on yo impala.
von Sweet Ace 21. Februar 2004