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A wet [bag of Cheetos] found [in the woods], if there was no rain recently in the area, the bag was likely pissed on by some animal, and since pee rhimes with chee, peetos is a perfect term for such a thing. The term came from the episode of That 70s Show where the gang was on the water tower spotting for Donna's engagement ring and Fez found a [bag of Cheetos] and handed it to Eric and found out they were wet, and Fez mentioned a bear must have pissed on it, then out came "eww Peetos!". I cant remember exactly how that part went as i only seen that episode once when it was new, but ill always remember Peetos.
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