Ted: You said it.
#2) Can be used for a toast followed by a clink of beer bottles.
#3) Can also be used to describe anything with *AWESOMENESS*.
#4) A great way to express happiness after a touchdown in football or a goal in soccer.
#5) A term used to celebrate a victory. Similar to yelling "BLACK JACK!" or "BINGO!"
"Go Lakers... BALLS UP!!" (followed by a clink of beer bottles)
"I just made a sale... BALLS UP!!"