In each cooking daily you get a Small Spice Bag. The bag is one of the two ways you can pickup the essential Northern Spice, which is required for the major cooking recipes that are prevalent in Wrath*.
The Small Spice Bag also has a certain chance to drop some other goods, including Old Spice, Baby Spice, and a recipe for a Delicious Chocolate Cake.
The Old Spice, which is a reference to a brand of deodorant, makes you smell nice. The only result of it is a buff which lasts for five minutes and says "Smelling Great!"
So you smell nice, congrats you stinking plate wearer.
The Baby Spice is a fun buff you can apply to a target which shrinks the target by 50%.