It basically means 'well fucking good for you!! Much in the same running with la di frickin da, congratufuckinlations, and isn't that special!
Marsha: Hey look, my mom just made me a new scarf
Rachel: Well look at my scarf! I just bought it from gucci and I have the matching glasses, dog carrier, and keychain!
Marsha: Well OOTSIE POODLE! (bitch!)