Exclamatory phrase to (light-heartedly) gloat or brag.
Actually, this phrase is very versatile. It may be used to taunt, to invigorate, to congratulate, and many others.
Student 2: *blushes* Hey, thanks man!
Student 3: *barges in on conversation* TAKIN' SHITS LICKIN' CLITS! *slaps Student 2 on the shoulder*
Bro 1: Hey man how was the party? Sorry, I was too busy partying with slutty lunchladies to join you.
Bro 2: ...what? Anyway, I scored with Angelina.
Bro 1: YEAH? Takin' shits lickin' clits, man! Didn't think you had it in you. Well, I did, but your parents didn't.
Bro 2: ...
Football player 1: Their team won't stand a chance. We have TEAMWORK on our side!
Football player 2: F*** YEAH! HONEYBADGERS! T.S.L.C. on three!
Team: ONE TWO THREE! TAKIN' SHITS LICKIN' CLITS! HOOAH!