A rather rediculous, old Disney movie that has something to do with an old piece of fuck car and a god damn family that likes it. I think the car flies in the movie or some shit.
This can also be used as a slang term for sex.
"Chitty chitty bang bang we love you!!!"
"Man, I am fittin' to pull a funky bit o' the chitty chitty bang bang on that nice piece of whore bitch trash over there."