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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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