1.)Something you tell someone who is tring too hard to be "hip, and with it" in a materialistic way.
2.) a way to tell someone that they are freaking out unnecisarily; kind of like chill out, but more cool
3.) a dance and song from the movie Labyrinth
1.) Dude, chilly down, no one gives a rat's ass that you have a hummer.
2.)Hey, you're being a douche bag, just chilly down.
3.)"Strut your nasty stuff, wiggle in the middle, get your town talkin'. Bad Gang. Chilly down with the wild gang."
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Means to chill with. From Labyrinth
(1986) and most of Coastal US.
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