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
6) Strut!
You'll exit out of the dye menu and your clothes are pimped out!