Yes, it looks like a goodbye-wish(/-salute).
First I thought it would come from the musical or movie 'Grease'. Something like 'Love and Peace!', but 'Grease' shows the situation in the 1950s. Not a time for Love and Peace, yet...
http://www.greaseweb.com/
More recent, there's a song by BT (Brian Transeau): 'Love, Peace and Grease' (1997)
http://www.btmusic.com/
Maybe because 'grease' rhymes on 'peace'.
November 3, 2008
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Never, never heard that. ;D
November 3, 2008
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love peace and hair grease
another way of saying 'bye'
November 3, 2008
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Chinese (Mandarin), Chinese (Other), English, German, Norwegian, Swedish