Pun (intended) on 'rage', showing that one knows that it not that much to be upset about.
Used as a statement of being unable to change the status quo.
-I won't go there, it will just boil down to some sort of raeg.
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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...?"
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