Basically, it's an exploit that allows you to dye your clothes for free. I haven' really explored is much, but it's worked for me the way below:
1) Go to someone who can dye your clothes.
2) Select an item of clothing to dye.
3) Choose a colour. So far I've dyed both parts the same colour (right and left click on a colour)
4) Tick the check box beside "Apply color(sic) scheme to all items"
5) press the ESC key
You'll exit out of the dye menu and your clothes are pimped out!