A phrase randomly said from one to another when nothing is happening. Derived from the song I Am the Walrus by The Beatles
, although it actually goes "goo goo g'joob".
"Jon, I am the walrus. coo coo kachu."
"No I'M the walrus you dirty bastard"
"I am the Walrus" refers to the joke the Beatles played on everyone. They stopped playing live, only cut studio albums, and made no public appearances, citing the fact that one of them had died, and they left clues in their songs and album covers.
The Walrus is a symbol of death in England. Paul sings that line, to state that he is the one that died.
If you look at the Abbey Road album cover, it shows Paul as the dead one as well. Harrison is in white, in front, representing God. Lennon comes next, in a suit as the priest. Then comes Paul, barefoot, (you were buried without any shoes). Next comes Ringo in jeans, the gravedigger.
"I am the walrus. coo coo kachu.." is really, "I am the Walrus, goo goo g'jube."