Velevil
Velveeta cheese pretty much. Usually what you say to describe what Velveeta cheese looks like after you pretend it's real cheese and try to make dip out of it.
Person1: Dude, lets make some Velveeta dip!
Person2: A'ight.
(3 minutes and 30 seconds later)
Person1: Dude! WTF is that?!
Person2: man that shit is Velevil
Person2: A'ight.
(3 minutes and 30 seconds later)
Person1: Dude! WTF is that?!
Person2: man that shit is Velevil