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Some people don't like it, but I happen to love it. It doesn't sound too appetizing perhaps knowing what it actually is, but it's good as shit.
And yes, you could. Get some fresh chipped steak at the grocery store, American cheese (or whiz...but I think American is better), and whatever else you want to add to it...sweet peppers, onions, mushrooms, etc. I just do cheese and meat typically because I can't eat all that other shit, but either way, it turns out good. Just fry up the meat with salt and pepper, melt some cheese on top, and you're good to put it on a roll.