Usu. in Halo 2 on Xbox Live when a player presses the standby button on their modem to give themselves an advantage by making the other players or the other team lag. Often recognized by the omnious blue screen. Stand by has recently been fixed but is still said.
*Red team is sent to the blue screen*
Player 1: OMG! Stand by!!
Player 2: they fixed that mate.
Player 1: oh snap!