The food inside the can is yellow processed cheese sauce. It comes in a spray can that is light blue and contains a white tip. On the can is a light red label.
Role in episode
While showing his friends some vacation photos, SpongeBob receives complaints about the low resolution of the slideshow images, which was a result of Patrick spraying Cheez Fizz all over his camera. The scene cuts to a flashback involving Patrick attempting to spray the cheese in his mouth, only to aim at SpongeBob's camera instead.
Role in SpongeBob's Game Frenzy
The goal of the "Aim the Cheese Fizz" challenge is to direct the Cheese Fizz to Patrick's mouth, making sure it avoids hitting anything else.