A phrase to denote that it's time to throw down or compete at a high level; something is about to go down. The use of the comical video game character Donkey Kong provides comic relief but the phrase itself has greater or more significance than simply its on.
Many people incorrectly assume the phrase's origins are from various movies in which it is used but term was popularized by rapper Ice Cube when he used the phrase in the song "Now I gotta Wet'cha" off his Predator album in 1992. It is unknown at this time whether Ice Cube was the person that originally coined the phrase.
Friend: Yo dog, I just hooked up like 2 kegs and got all the honies from Alpha Epsilon Omega to come to the party you gotta check this shit there is like 4 girls to every 1 guy!