I think there was another thread with the same question a couple of months ago?

Well, mine is a way to say that I'm Chilean in a funny way, using a known band name with a twist, and adding the stereotype that most Latinamericans are named José, hence the "Pepe". This one works also because Chile is the name of my country, and is very akin to chili, which is "Red Hot" also.

Well, that's pretty much the meaning of my username.