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1.
1) An expression of surprise at slanguage one hasn't heard before, especially when it's obviously sexual or scatological in nature.

2) A tongue in cheek way of turning an ordinary comment into a double entendre by implying the above.
Dude, I'm heading home. I'm gonna go online and play some World of Warcraft.

Oh really? Is that what they're calling it these days?
by Born Blitzed January 18, 2011