An exclamated phrase accustomed discuss a women's breasts. (Ace definition 'excellent,' racking definition 'breasts'). May also be used, oddly enough, for whatever is good. This appearance created in Oyster Bay. An exclamated phrase used to touch upon women’s breasts. (Ace meaning 'excellent,' racking meaning 'breasts'). Could also be used, strangely enough, for anything that is good. This expression created in Oyster Bay.