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Used if you don't have the balls to say, "Hell freezes over". Also it can be used on fora or BBSs when the onboard censor nukes the word Hell.
Snow in Houston? When Fell heezes over!
When something is so hilarious that it makes you wheeze in a humorous way
Person: Ok yea but plankton said "YES DADDY" once
Person2: we HEEZE
Something that is excellent and superior to average.
Chateauneuf du Pape is a heeze wine.