Funnily enough, it means something has a lot of chrome on it, not silver-coloured or platinum! The instance in which it is most frequently used is when one refers to a thugged out car's rims as being "chromed out" due to their chrome composition.
Shit boi, dat Escalade be rollin' on some fine-ass chromed out 26s!
ayon kay Mo'$
ika-13 ng Abril, 2005