Sort of an internet cockney synonym for lamesauce. E.g., something that is very lame. Nothing to do with flames. It just rhymes, yo.
A: My computer crashed and I lost all of my music collection.
B: Flamesauce.
A: What?
B: I mean lamesauce.
In the world of online gaming, usually used sarcastically, e.g. when running enthusiastically into a high-risk situation where failure is immanent. Sometimes this can actually help the player's team - for example, if the enemy is distracted by the hero - but it usually is done only for amusement.
There is a famous video of Leroy Jenkins being a hero.
While playing Team Fortress 2, I decided to be a hero. I ran around as a civilian, distracting the other team while my teammates captured the control point.
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