1. To spam an online discussion with inane and off-topic comments in an attempt to stifle intelligent debate. Usually done by insecure forum members (fanboys) who are unable to acknowledge or discuss negative aspects of their chosen platform.
2. To derail an online discussion under the guise of "self-moderation".
This term originated on the Playstation 3 (PS3) section of the well respected site AVS Forum. A thread was started to discuss the (then) recently announced $1 billion loss by Sony and how that would affect the pricing and future of the PS3. A small minority of forum members took this to be an attack on the PS3 and proceeded to inundate the thread with off-topic banter and in-jokes (involving turkey-bacon
and waffles). Regular forum members continued to try to analyse the subject, but the intelligent and acute postings were overwhelmed by off-topic chatter and the thread eventually closed. Thus, it was said that the thread was "turkey-baconed".