When caught in an argument where you are completely wrong, this phrase is meant to be the drawing line for ending the debate.
The gayer you say it, the less the other person should keep badgering you that you are wrong.
Guy A: I'm telling you there are five oceans not four.
Guy B: No there isn't! I want the biggest Oops Ya Caught Me if I'm right.
*Google provides the names of all five oceans*
Guy B: Fine... OOPS YA CAUGHT ME!
Guy A: Good. Now lets browse some porn.
Truth; For Real Real, Not For Play Play. Code used to express the realism of the story. 619 is the only thing that holds true and cannot be bullshitted. If it is bullshitted, that person’s trust is lost forever.